McDonald's Corp. said it's shelving plans to sell a stake in its Japan unit that has seen a turnaround since the company announced it was looking for a buyer more than a year ago.
After a review, the world's largest restaurant chain has "made the decision to not proceed with the transaction at this time," said Chief Financial Officer Kevin Ozan on an earnings call with analysts Tuesday. The decision to keep McDonald's Holdings Co. Japan won't impact long-term financial targets or its intention to reach its goal of having 95 percent of restaurants franchised over the long term, he said.
"We're confident that we have the right capabilities and customer-focused plans to grow our business in Japan, and we believe the market is poised to maintain its strong momentum," said Ozan.