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McDonald's Corp is looking to raise $1 billion to $2 billion with the sale of its China and Hong Kong stores after the U.S. fast-food chain decided to keep "a significant minority stake in the business," a person with direct knowledge of the plans said on Tuesday. The company has picked a consortium led by private-equity firm Carlyle Group LP and Chinese conglomerate Citic Group Corp [CITIC.UL] to buy the stores and its decision to retain the minority stake lowered the price tag for the business from up to $3 billion expected previously, said the person, who declined to be identified because details of the deal are not public. The company will also keep for now its stores in South Korea, which it previously also wanted to sell, the person added.
Tens of thousands of mourners filed past the coffin of the Indian politician Jayalalithaa Jayaram on Tuesday in an emotional farewell to the former movie star who enjoyed almost god-like status in the state of Tamil Nadu. The 68-year-old Jayalalithaa, described by her party as the Iron Lady of India, died late Monday after suffering a massive cardiac arrest at the weekend following a long period of ill health. Despite being twice jailed over allegations of corruption, the woman known by Tamils simply as Amma, or mother, was a revered figure in her southern fiefdom and one of India's most popular and successful politicians as a populist champion of the poor.