Mubadala reaches controlling stake in Brazilian food retailer Zamp

Mubadala reaches controlling stake in Brazilian food retailer Zamp

Food retailer Zamp, which operates Burger King and Popeyes restaurants in Brazil, is in talks with Starbucks to operate the brand in Latin America’s largest economy, the firm said on Wednesday.

Zamp added in a securities filing that no proposal had been made so far.

The news came as Zamp in a separate statement also said its main shareholder, Abu Dhabi state investor Mubadala, had reached a controlling stake in the firm.

The talks with Starbucks were initially reported on Tuesday by local media.

In December, Southrock, the current operator of the coffee shop chain in the country, entered into bankruptcy protection.

Reuters

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