Taiwan Blocks Grab’s $600 Million Purchase of Foodpanda’s Taiwan Business
Photo: TokenPost
Taiwan’s Fair Trade Commission (FTC) blocked Grab’s $600 million purchase of Delivery Hero’s Foodpanda business in Taiwan on Wednesday, Oct. 21, over concerns about Grab’s ability to compete with Uber Eats. FTC Commissioner Shin Chih-chung said equity ties, overlapping board membership and past business cooperation between Grab and Uber would weaken Grab’s incentive and ability to compete with Uber Eats. Foodpanda and Uber Eats are Taiwan’s two dominant food delivery platforms. Uber owns 13.1% of Grab. Uber CEO Dara Khosrowshahi left Grab’s board in July as Grab pursued the acquisition.
Source: TokenPost
