The Delivery Hero share fell 5.04% to 27.14 euros and was thus relegated to last place in the German index, MDAX. The Taiwanese regulatory authority (Taiwan Fair Trade Commission) has not approved the sale of the foodpanda business in Taiwan to Uber Technologies. Last May, Uber announced the purchase of the foodpanda business in Taiwan for $950 million in cash. At the same time, the two companies also entered into an agreement for Uber to purchase $300 million of newly issued common stock from Delivery Hero.
“Uber may appeal the TFTC’s decision or terminate the transaction,” Delivery Hero said in a statement. The German food delivery company added that the “parties are subject to appropriate protections, including agreements on termination fees under certain conditions.”
The funds thus obtained should have been used to strengthen Delivery Hero’s balance sheet. JPMorgan recalled at the time that it was in competition with companies with significant financial resources.
Swiss
