Taiwan blocks Grab’s $600 million Foodpanda deal, citing Uber’s 13.1% stake in the Southeast Asian super app
Source: Fortune ·
The decision, for now, ends Grab's first attempt to expand outside Southeast Asia.
From the source
Taiwan’s Fair Trade Commission (FTC) on Wednesday blocked Grab Holdings’ $600 million purchase of Delivery Hero’s Foodpanda business in Taiwan, pointing to the Singapore-based super app’s equity and board ties to Uber, which operates the island’s other leading food delivery platform. “The equity ties, overlapping board membership and history of business cooperation between Grab and Uber would reduce Grab’s incentive and ability to compete with Uber Eats in Taiwan,” Shin Chih-chung, an FTC commissioner, said. “We are disappointed by this outcome, as we will not be able to pursue our mission to serve Taiwanese consumers, delivery riders, and merchants with the innovation, fair-earning opportunities, and enhanced service standards we had planned to bring to the market,” Grab said in a statement to Fortune after the FTC’s decision. Uber Eats and foodpanda are Taiwan’s two dominant food delivery platforms. Uber abandoned Southeast Asia in 2018, but it has a 13.1% stake in Grab. Uber CEO…