Uber Eats is giving up its plan to acquire Foodpanda’s Taiwan delivery service and must pay a fee of US$250 million for canceling the agreement, reports said today.
Uber Technologies Inc announced its plan to buy Delivery Hero SE’s Foodpanda business in Taiwan for US$950 million in May last year.
The deal was prohibited by the Fair Trade Commission in December due to concerns about competition.
Photo: Bill Chen, Taipei Times
If Uber acquired Foodpanda, it would monopolize more than 90 percent of the food delivery market in Taiwan, which may lead to raised prices, Reuters and Bloomberg cited the commission as saying.
Uber was disappointed with the commission’s ruling, but would respect it and would not appeal, a spokesperson for the company said in a statement to Bloomberg.
“We remain committed to the Taiwan market and would continue to serve local consumers, businesses and delivery partners in an innovative and competitive manner,” the spokesperson said.
Taiwan remains a part of Delivery Hero’s long-term strategy, the company said.
The original deal also specified that Uber would buy US$300 million worth of Delivery Hero’s newly issued stocks.
The collapse of the merger would not affect this share purchase agreement, Delivery Hero told Reuters.
DEFENSE: The National Security Bureau promised to expand communication and intelligence cooperation with global partners and enhance its strategic analytical skills China has not only increased military exercises and “gray zone” tactics against Taiwan this year, but also continues to recruit military personnel for espionage, the National Security Bureau (NSB) said yesterday in a report to the Legislative Yuan. The bureau submitted the report ahead of NSB Director-General Tsai Ming-yen’s (蔡明彥) appearance before the Foreign and National Defense Committee today. Last year, the Chinese People’s Liberation Army (PLA) conducted “Joint Sword-2024A and B” military exercises targeting Taiwan and carried out 40 combat readiness patrols, the bureau said. In addition, Chinese military aircraft entered Taiwan’s airspace 3,070 times last year, up about
The Overseas Community Affairs Council (OCAC) yesterday announced a fundraising campaign to support survivors of the magnitude 7.7 earthquake that struck Myanmar on March 28, with two prayer events scheduled in Taipei and Taichung later this week. “While initial rescue operations have concluded [in Myanmar], many survivors are now facing increasingly difficult living conditions,” OCAC Minister Hsu Chia-ching (徐佳青) told a news conference in Taipei. The fundraising campaign, which runs through May 31, is focused on supporting the reconstruction of damaged overseas compatriot schools, assisting students from Myanmar in Taiwan, and providing essential items, such as drinking water, food and medical supplies,
A magnitude 4.3 earthquake struck eastern Taiwan's Hualien County at 8:31am today, according to the Central Weather Administration (CWA). The epicenter of the temblor was located in Hualien County, about 70.3 kilometers south southwest of Hualien County Hall, at a depth of 23.2km, according to the administration. There were no immediate reports of damage resulting from the quake. The earthquake's intensity, which gauges the actual effect of a temblor, was highest in Taitung County, where it measured 3 on Taiwan's 7-tier intensity scale. The quake also measured an intensity of 2 in Hualien and Nantou counties, the CWA said.
STRICTER ENFORCEMENT: Taipei authorities warned against drunk cycling after a sharp rise in riding under the influence, urging greater public awareness of its illegality Taipei authorities have issued a public warning urging people not to ride bicycles after consuming alcohol, following a sharp rise in riding under the influence (DUI) cases involving bicycles. Five hundred and seven people were charged with DUI last year while riding YouBikes, personal bicycles, or other self-propelled two-wheelers — a fourfold increase from the previous year, data released by the Taipei Police Department’s Traffic Division showed. Of these, 33 cases were considered severe enough to be prosecuted under “offenses against public safety,” the data showed. Under the Road Traffic Management and Penalty Act (道路交通管理處罰條例), bicycles — including YouBikes and other
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