Temasek, CIC, KKR said to be in 2nd round of Yum China stake sale

New York

SINGAPORE investment company Temasek Holdings and a consortium that includes China Investment Corp (CIC) and KKR & Co have advanced to a second round of bidding for a minority stake in Yum Brands Inc's China unit, people familiar with the matter have told Reuters.

Another private equity-backed consortium has also moved into the second round, the people said, although its identity could not be immediately confirmed.

Louisville, Kentucky-based Yum Brands, owner of the Pizza Hut and KFC fast-food chains, aims to spin off its 7,205 China restaurants by the end of 2016, amid pressure from activist i…