Taiwan Regulator Blocks Delivery Hero's $600 Million Foodpanda Sale to Grab

Taiwan's Fair Trade Commission has declined to approve Delivery Hero SE's sale of its foodpanda business in Taiwan to Grab Holdings Limited, citing competition concerns, the German company said Wednesday. Delivery Hero's right to appeal the decision remains unaffected. The companies signed the $600 million cash-and-debt-free agreement earlier this year. Delivery Hero closed at $4.11, down 2.00 percent on the OTC Markets. Grab traded at $2.91 pre-market, up 0.71 percent on the Nasdaq.