By Reuters
HONG KONG: Starbucks has asked a short-listed group of potential bidders to submit non-binding bids for a stake in its China business within the next two weeks, two people with knowledge of the matter said.
The U.S. coffee shop chain invited interested parties including private equity firms Carlyle, Hillhouse Investment and Primavera Capital to attend management presentations where it would disclose financial and operational details of its China business, said one of the people as well as a third person with knowledge of the presentations.
Other potential bidders include Bain Capital, KKR & Co and technology major Tencent, said one of the first two sources and two other people familiar with the matter.
A new partner in China could add impetus to a business whose market share has more than halved in the past five years, as low-price local rivals grow apace while consumers become increasingly cost-conscious in a stuttering economy.
In May this year, Starbucks began the sale by inviting interested pa