Taiwan Regulators Halt Uber's Attempted Acquisition of Foodpanda
Taiwan's Fair Trade Commission has blocked Uber's proposed acquisition of Foodpanda, citing concerns over market competition.
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Highlights
- Taiwan's regulatory authorities have rejected Uber's bid to acquire Foodpanda, a leading online food delivery platform owned by Delivery Hero.
- The Fair Trade Commission expressed concerns that the merger would reduce competition in Taiwan's food delivery market.
- Uber maintains that the acquisition would enhance benefits for consumers, delivery partners, and local businesses.
In a significant regulatory decision, Taiwan's Fair Trade Commission has blocked Uber Technologies' planned acquisition of Foodpanda, a Singapore-based food delivery service owned by Germany's Delivery Hero. The deal, valued at $950 million, was intended to merge Uber's global logistics expertise with Foodpanda's strong local presence.
The commission concluded that Foodpanda is Uber's primary competitor in Taiwan and that the merger could lead to reduced market competition, outweighing potential economic advantages.
Uber Eats expressed disappointment over the ruling, highlighting that it had proposed various conditions to address regulatory concerns and believes the transaction would deliver substantial benefits to delivery workers, merchants, consumers, and Taiwan's economy.
The acquisition was initially announced in May, with Uber emphasizing the strategic fit between its operational efficiency and Foodpanda's extensive network across Taiwan.
Following the news, Uber's stock price showed minimal movement during intraday trading.
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