Yum! Brands Inc. made a formal proposal Friday to buy the Little Sheep “hot pot” chain in China in a deal reportedly valued at $682 million. The acquisition, which Yum explored last month, would bring the Chinese brand under Yum’s control and would add hundreds of restaurants to the Louisville, Ky.-based company’s portfolio of nearly 4,000 restaurants in China. KFC and Pizza Hut units make up the bulk of Yum’s stable in China, along with a handful of East ...

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