BERLIN (dpa-AFX) - Taiwan's anti-trust regulator has blocked Uber Technologies Inc.'s (UBER) $950 million acquisition of Delivery Hero's Foodpanda business due to concerns that it would be anti-competitive.
Delivery Hero has confirmed that the Taiwan Fair Trade Commission announced its decision to deny approval for the sale of Delivery Hero's Foodpanda business in Taiwan to Uber.
Delivery Hero noted that Uber may appeal the decision by Taiwan Fair Trade Commission or terminate the Transaction. The companies are subject to appropriate deal protections including break fee arrangements subject to certain conditions
In May 2024, Uber Technologies agreed to acquire Delivery Hero's foodpanda delivery business in Taiwan for $950 million in cash. The acquisition is targeted to close in the first half of 2025.
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