February 22, 2024

Delivery Hero denies that Grab’s bid to buy foodpanda ASEAN unit has collapsed, says talks still ongoing


Delivery Hero denies that Grab’s bid to buy foodpanda ASEAN unit has collapsed, says talks still ongoing

Late last week, it was reported that Grab’s bid for foodpanda’s Southeast Asian business had fallen through, with the talks having collapsed due to issues concerning pricing. However, German multi-national online food ordering and food delivery company Delivery Hero, which owns the foodpanda brand, denies that discussions had collapsed.

“There are market rumours that the negotiations for the potential sale have collapsed. We confirm that the negotiations for the potential sale are ongoing,” Delivery Hero said via a statement.

Last September, Delivery Hero said it was in negotiations to sell the foodpanda brand in Singapore, Malaysia, Philippines, Thailand, Cambodia, Myanmar and Laos. Malaysia, Philippines and Thailand. While the Asia business is Delivery Hero’s largest market, growth has dropped since pandemic lockdowns eased, and the company was said to be looking to focus on profitability following years of heavy investment.

Delivery Hero denies that Grab’s bid to buy foodpanda ASEAN unit has collapsed, says talks still ongoing

At that point, it did not disclose the potential suitor, but German business magazine Wirtschaftswoche indicated that Grab, which previously took over Uber’s ASEAN operations, could pay a little more than one billion euros (RM5 billion) for the foodpanda ASEAN unit.

Later in November, Bloomberg reported that China’s Meituan was exploring a potential acquisition of foodpanda in these markets, and had held talks with Delivery Hero regarding the matter.

News of the potential acquisition of foodpanda by Grab raised concerns that the Singapore-based company would create a monopoly in the p-hailing (delivery of food, drinks and parcels) segment. However, analysts have said that anti-trust approval will be the largest hurdle for Grab’s potential acquisition of the business

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