Yum! Brands Inc. made a move Tuesday to expand its business in China with a preliminary proposal to buy the Little Sheep casual-dining chain in that country. Yum already owns 27.2 percent of outstanding shares of Little Sheep, which specializes in “hot pot” dishes. No formal proposal has been made and still needs to be cleared by financial regulators, Yum said in a statement. The company intends to leave a small minority stake in the brand to be held by the chairman and founding ...

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