Shares in the Japanese affiliate of McDonald's Corp briefly fell as much as 10% on Wednesday after the U.S. fast-food giant said it would cut its stake in its only publicly listed overseas unit to bolster finances hit by the coronavirus.
FILE PHOTO: Signs of McDonald's fast food restaurant are pictured in Tokyo, Japan, September 26, 2017. REUTERS/Kim Kyung-Hoon
Shares in McDonald’s Holding Company Japan were down 8% at 5,230 yen by midday in Tokyo, after the U.S. company said overnight it would cut its stake in the Japanese unit to 35% from nearly 50%. The Japanese business has a market capitalization of roughly $7 billion and expects to post a full-year net profit of around 18.2 billion yen , up 7.8 percent from last year.
The U.S. company had briefly considered cutting its stake in the Japanese business a few years ago after a series of food scandals, but later shelved the plans.
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