Sometimes, the deals that companies decline to do say as much about their culture and strategy as the deals they undertake. In January, when Carlyle and Citic group joined forces to buy the leading McDonald’s
’ franchises in China and Hong Kong, the two investment firms approached Tencent
in the hope of luring the internet firm into their transaction. They reasoned that Tencent would want the 2,740 McDonald’s outlets to offer customers incentives to use its online payments system, Weixin wallet, just as Kentucky Fried Chicken, in which Alibaba
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