Taiwan regulator blocks Grab's purchase of Foodpanda delivery business

Synopsis

Grab, Southeast Asia's biggest ride-hailing and delivery firm, said in March it would pay $600 million in cash for the Foodpanda delivery business in Taiwan, in its first expansion outside the region.

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Taiwan's Fair Trade Commission said on Wednesday that it had blocked Grab's purchase of Delivery Hero's Foodpanda delivery business in Taiwan citing competition concerns.

* Grab, Southeast Asia's biggest ride-hailing and delivery firm, said in March it would pay $600 million in cash for the Foodpanda delivery business in Taiwan, in its first expansion outside the region.

* The Fair Trade Commission said in a statement that the harm to competition from the proposed deal outweighed its overall economic benefits, and that the commitments offered by the companies were "insufficient to eliminate the competition concerns." Add as a Reliable and Trusted News Source Add Now!

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