Yum China files to issue 10 million shares to Yum employees
- AT&T (T) Agrees to Acquire Time Warner (TWX) for More than $80 Billion - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
Logos of KFC, owned by Yum Brands Inc, are seen on its delivery bicycles in front of its restaurant in Beijing February 25, 2013. REUTERS/Kim Kyung-Hoon/File Photo
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
(Reuters) - Yum China Holdings Inc, which is being spun off from KFC owner Yum Brands Inc (NYSE: YUM), filed with regulators on Wednesday to issue 10 million common shares to certain participants in Yum incentive plans.
Yum Brands, which also owns Pizza Hut, said in October that it would spin off its China operations through a distribution of common shares to its shareholders.
The 7,200-restaurant China division, which operates in over 1,100 cities, is higher risk and potentially more rewarding, while Yum Brands sans the China division is likely to be more stable with greater cash flow.
The China business has been besieged by food scandals, marketing missteps and a weakening Chinese economy.
Last year, Yum Brands was put under pressure by activist shareholder Keith Meister of hedge fund Corvex Management who was later appointed to the company's board.
Yum China had applied to list its common stock on the New York Stock Exchange under the ticker symbol "YUMC".
(Corrects headline to say Yum employees, not Yum Brands shareholders. The story was earlier corrected to remove incorrect reference to Yum China receiving proceeds)
(Reporting By Sudarshan Varadhan in Bengaluru; Editing by Maju Samuel)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Credit Suisse Upgrades Yum! Brands (YUM) to Outperform
- Taliban release drone footage of suicide attack
- Afghan Taliban envoys in Pakistan to discuss possible peace talks: official
Create E-mail Alert Related CategoriesReuters
Related EntitiesHedge Funds, Corvex Management
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!