Stock Market News

Taiwan blocks Uber’s $950 million Foodpanda deal, Bloomberg News reports

12 hours ago

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2024.12.25 01:40

(Reuters) – Taiwan has blocked Uber Technologies (NYSE:)’ $950 million purchase of Delivery Hero’s Foodpanda business on the island because of anti-competition concerns, Bloomberg News reported on Wednesday, citing Taiwan’s official Central News Agency (CNA).

Uber, Delivery Hero and Foodpanda did not immediately respond to requests for comment outside regular business hours.

Taiwan’s Fair Trade Commission could not be immediately reached.

© Reuters. FILE PHOTO: The logo of Uber is seen at a temporary showroom at the Promenade road during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo

Bloomberg News said CNA did not detail where it obtained the information.

Uber and Delivery Hero announced the Taiwan deal in May, which also included a separate agreement for Uber to purchase $300 million worth of newly issued shares of the German food delivery firm.

12 hours ago

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