Taiwan's FTC blocks Uber's $950M acquisition of Delivery Hero's Foodpanda, arguing it would decrease competition as their combined market share would be 90%+
Bloomberg
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Discussion
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Taiwan has blocked Uber's $950 million acquisition of Delivery Hero's Foodpanda business, citing anti-competition concerns. Its Fair and Trade Commission stated that the merger would eliminate competition between UberEats and Foodpanda, potentially leading to higher prices for [i…
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Foodpanda's Taiwan operations were break-even in adjusted core earnings as of March 2024, but the FTC ruled that the merger's economic benefits did not outweigh its negative impact on competition. Uber and Delivery Hero have yet to comment on the decision. 🧵3
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The combined market share of the two companies in Taiwan would exceed 90%, the FTC noted, making competition unviable. The deal, which included a $300 million share purchase agreement, was expected to boost Uber's delivery profit by $150 million annually. 🧵2