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Taiwan's competition regulator has rejected Grab Holdings' (NASDAQ: GRAB) proposed $600mn purchase of foodpanda's Taiwanese business, saying Uber's shareholding in the Singapore-based group would weaken rivalry in the island's food delivery sector, Focus Taiwan reported on October 21.
This is the second time in under two years that the Fair Trade Commission (FTC) has stopped a sale of foodpanda's Taiwan unit. Foodpanda and Uber Eats together dominate the market. The regulator blocked Uber Eats' own bid for the business in December 2024, and Uber dropped that deal in March 2025.
FTC Commissioner Shin Chih-chung told a press conference in Taipei that three commissioners voted against the takeover and one backed approval with conditions. A fifth commissioner recused themselves. Grab runs a super app offering food delivery, ride-hailing and digital finance in eight Southeast Asian countries but has no presence in Taiwan. Uber Technologies, the parent of Uber Eats, owns roughly 13.1% of Grab's shares, Shin said. An FTC release put Uber's voting rights in Grab at just 3.9%.
Shin noted that Uber's chief executive once sat on Grab's board and that the two companies had cooperated closely elsewhere. He described the Taiwanese market as already highly concentrated, with network effects and steep entry barriers deterring newcomers.
Grab had offered to cut Uber's stake, curb its board representation and restrict the sharing of sensitive commercial information. The commission said it was not confident these steps would work in practice or go far enough. It added that Uber would have to shrink its holding further or sell it outright. Shin said Grab was free to file a fresh application but declined to say how much of its stake Uber should sell.
Grab said it was disappointed and that the ruling would stop it from bringing new services, fair earnings and better standards to Taiwanese consumers, couriers and merchants. It did not say whether it would revisit the bid. Foodpanda and Uber Eats declined to comment.
Delivery worker groups that had protested against the deal welcomed the ruling. Arery Chen, chairman of the National Delivery Industrial Union, said weaker competition could give dominant platforms more sway over pay, restaurant commissions and consumer choice. Asked whether the decision might deter foreign investors, he replied: "We don't think so," Chen told CNA.