INTERNATIONAL | Staff Reporter, Korea

CJ Group submits letter of intent to snap up McDonald’s Korea

Sources say the deal could reach KRW500b.

South Korea's CJ Group, a food-to-entertainment conglomerate, said on Wednesday it has submitted a letter of intent to buy McDonald's Corp's South Korean unit, adding that details have not been decided, according to Reuters.

Korean Economic Daily newspaper said the deal could fetch 300 billion won ($256.86 million) to 500 billion won, citing investment banking sources.

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