China OKs Yum’s purchase of Little Sheep

China’s Ministry of Commerce approved Yum! Brands Inc.’s plan to acquire Little Sheep Group Ltd., the Chinese operator or franchisor of 480 Little Sheep “hot pot” restaurants.

Once the deal has been finalized, Louisville, Ky.-based Yum will own 93.2 percent of Little Sheep. The purchase will enable Yum to grow its full-service presence in China.

The remaining 6.8-percent stake in Little Sheep will belong to the chain’s founders, Zhang Gang and Chen