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3 years ago
Philippines' Jollibee Foods looks to acquire $1 bln U.S. firm
January 22, 2015 / 7:47 AM / 3 years ago

Philippines' Jollibee Foods looks to acquire $1 bln U.S. firm

MANILA, Jan 22 (Reuters) - The Philippines' Jollibee Foods Corp said on Thursday it was looking to acquire a U.S.-based fast food company with a market value of $1 billion, to boost revenue from offshore ventures.

Jollibee, the Southeast Asian country's largest fast food company that outsells local McDonalds and KFC restaurants, confirmed via a stock market filing the acquisition plan first reported by a local newspaper.

The BusinessMirror newspaper had quoted Jollibee Chairman Tony Tan-Caktiong as saying the company may look for a partner for the possible acquisition. (Reporting By Erik dela Cruz; Editing by Anupama Dwivedi)

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