Mitsubish to launch bid for KFC Japan
Japanese trading house Mitsubishi Corp. has announced that it will launch a tender offer to boost its stake in Kentucky Fried Chicken Japan Ltd.
It is reported that the move suggests Mitsubishi’s aim to win the battle in the nation’s fast-food industry through quicker decision-making at the restaurant chain operator, which currently operates 1,500 outlets in Japan.
Kentucky Fried Chicken Japan was established in 1970 as a joint venture between Mitsubishi and Kentucky Fried Chicken in the US.
Mitsubishi apparently plans to buy at least 7.151 million shares, or the portion currently held by the US partner, boosting its stake in the restaurant chain operator to 62.80% from the current 31.24% in terms of voting rights.