Cyril Ramaphosa takes over McDonald’s

2011-03-17 14:15

One of South Africa’s most prominent and politically connected businessmen is taking over McDonald’s.

Today’s announcement did not say how much Cyril Ramaphosa was paying for a 20-year master franchise agreement to run all 145 McDonald’s restaurants in South Africa.

Ramaphosa is a former union leader who was African National Congress general secretary during the constitutional negotiations that ended apartheid in 1994.

He went on to found an investment empire and remains a leading figure in the governing ANC.

McDonald’s opened its first South African restaurant in Johannesburg in 1995.

Chris Gilmour, an analyst at South Africa’s Absa Asset Management who follows the fast food business, said McDonald’s has struggled here.

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