Uber will have to pay US$250 million to get out of its agreement to buy out the Taiwan food delivery business of rival Foodpanda. Taiwan's Fair Trade Commission in December ruled the planned merger between Uber Eats and Foodpanda would constitute an illegal monopoly as the two platforms account for over 90% of Taiwan's food delivery market.
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NewsTranscript
00:00Food delivery platform Uber Eats has dropped its bid to buy the Taiwan business of rival Food Panda
00:06But its parent company must now pay 250 million US dollars to end the agreement
00:12In December Taiwan's Fair Trade Commission blocked a 950 million US dollar merger of the two companies
00:18It said the merger would give you but a uber a monopoly of more than 90% of Taiwan's food delivery market
00:26Uber says it will not appeal the ruling food pandas parent company delivery hero
00:31Says the ruling will not affect an agreement for uber to buy a 300 million US dollar stake in the company