(Reuters) -Taiwan has really obstructed Uber Technologies’ $950 million acquisition of Delivery Hero’s Foodpanda group on the island because of anti-competition worries, Taiwan’s authorities Central News Agency (CNA) reported on Wednesday.
Uber, Delivery Hero and Foodpanda didn’t immediately reply to ask for comment outdoors routine group hours.
Taiwan’s Fair Trade Commission decreased comment but said it can definitely give an outline at an interview at 5 p.m. (0900 GMT) in Taipei.
CNA didn’t state the place it obtained the information.
Uber and Delivery Hero revealed the Taiwan deal with May, which moreover consisted of a special association for Uber to amass $300 million effectively value of not too long ago supplied shares of the German meals cargo firm.
The united state agency anticipated the acquisition so as to add on the very least $150 million annually to the modified core income of its cargo group inside a yr of the supply’s closing, which was seen more than likely within the very first fifty % of 2025.
Online meals cargo techniques stand for a tiny portion of Taiwan’s inexpensive meals cargo market, but Foodpanda’s procedures on the island have been break-even with reference to modified core revenues for the yr completed March 31, 2024, the enterprise said.
(Reporting by Shubham Kalia in Bengaluru; Editing by Edmund Klamann and Raju Gopalakrishnan)
