McDonald's drops plan to sell shares in Japan unit

The fast food giant has "made the decision to not proceed with the transaction at this time," Chief Finance Officer Kevin M. Ozan told investors on a conference call on Tuesday.

The decision followed a review of its stake, Ozan said.

"We believe the market is poised to maintain its strong momentum," he added.

McDonald's Holdings Co Japan Ltd expects operating profit in the current fiscal year to grow to 9 billion yen ($80.92 million), a 29.9 percent rise on the previous year.

The Japan unit has had success in capturing the attention of local consumers with recent innovations including a burger-naming election, French fries topped with chocolate and a tie-up involving hit smartphone game Pokemon Go.

(Reporting by Sam Nussey; Editing by Christopher Cushing)