百胜出售在华业务出现变数

The sale of Yum Brands’ China franchise, a disposal once expected to fetch more than $10bn, has come to a standstill after clashes on price with the two main bidders.

百胜餐饮集团(Yum Brands)出售中国特许权的交易在该集团与两家主要竞标者在价格上谈不拢之后陷入停滞。这笔剥离资产的交易一度预计将斩获逾100亿美元。

China-based private equity fund Primavera and Singapore wealth fund Temasek, understood to be two of the primary bidders for the franchise that includes more than 7,200 KFC and Pizza Hut outlets, both submitted offers for at least part of the fast-food assets.

中国私募股权基金春华资本(Primavera Capital)和新加坡主权财富基金淡马锡(Temasek)据信是竞标这项特许权——包括逾7200家肯德基(KFC)和必胜客(Pizza Hut)餐厅——的两大竞标者，两家均提交了收购至少一部分快餐资产的要约。

Primavera offered $2bn for part of the franchise, people briefed on the talks said. The bid conformed to Yum’s original conditions for the sale, but the buyout group and Yum could not agree on pricing, people close to the matter said.

听取了谈判简报的人士表示，春华资本提出以20亿美元收购一部分特许权。这一投标符合百胜的初始出售条件，但据知情人士介绍，这家收购集团和百胜无法就价格达成一致。

Temasek also made an offer on the Yum franchise in China, but again could not reach an agreement on a transaction value.

淡马锡也对百胜餐饮的中国特许权发出要约，但也未能就交易价值与后者达成一致。

Temasek and Primavera declined to comment on the discussions, noting that they were confidential.

淡马锡和春华资本拒绝对相关商谈置评，称它们是保密的。

The listing of the franchise in the US was another problem, sources said. The terms of the deal did not allow for a stock market listing in Asia, a condition that deterred some who preferred to have that option.

据消息人士透露，这项特许权在美国上市是另一个问题。交易的具体条款不允许在亚洲股票交易所上市，这一条件使一些希望保留这个选项的潜在竞标者却步。

Yum announced the sale of its China franchise last year after coming under pressure from investors to spin off the business into a separately listed entity. China remains the company’s primary source of profit.

百胜在去年宣布出售其中国特许权，此前该集团受到股东压力，要求它剥离这块业务，使其成为一家单独的上市实体。中国仍是该公司的主要利润来源。

The failed bids for one of Asia’s largest fast-food franchises has left the Yum sale in the balance. Several regional investment groups have studied the auction, but it is unclear if any plan to submit bids.

对亚洲最大快餐特许权之一的竞标失败，使百胜的资产出售计划岌岌可危。多家地区投资集团研究了这一拍卖，但尚不清楚是否有任何集团计划投标。

Chicken sales at KFC gave an unexpected boost to Yum China revenues in the first quarter. Pizza Hut, however, recorded a bigger than expected drop .

肯德基的鸡肉销售在第一季度意外提振百胜中国(Yum China)的营收。不过，必胜客出现大于预期的滑坡。

Yum’s share price opened at $89.36 yesterday, and was trading at a high for the year to date, up about 38 per cent up from its 2016 low.

百胜的股价昨日以89.36美元开盘，为今年以来的高点，相比其2016年低点上涨约38%，。