CJ Group pulls out of race for McDonald's South Korea operations

September 19, 2016 10:44 PM EDT

The McDonald's logo is seen in Tbilisi, Georgia, June 8, 2016. REUTERS/David Mdzinarishvili

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SEOUL (Reuters) - South Korean food-to-entertainment conglomerate CJ Group <001040.KS> on Tuesday said it did not enter the latest round of bidding for McDonald's Corp's (NYSE: MCD) South Korean operations.

A consortium with Maeil Dairy Industry Co Ltd <005990.KQ> and another group with KG Group and NHN Entertainment Corp <181710.KS> entered binding bids last week, M&A media Market Insight reported on Monday, citing investment banking sources.

A Maeil spokesman declined to comment. A KG Group spokesman could not be reached. A NHN spokesman said KG Group was the bidding party, and NHN is expected to only invest funds.

(Reporting by Joyce Lee)

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