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(Bloomberg) -- Delivery Hero SE shares fell the most in two weeks in the first day of trading after Taiwan blocked the sale of its subsidiary there to Uber Technologies Inc.
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Shares of Delivery Hero fell as much as 9% to €26 in Frankfurt on Friday after the Taiwan Fair Trade Commission ruled the proposed takeover of Foodpanda could reduce competition.
Uber had aimed to complete the $950 million deal by the first half of 2025. The acquisition would have been one of Taiwan’s largest outside of the chip industry and marked a retreat for Delivery Hero from some Asian markets.
Delivery Hero, which enjoyed a growth surge during the pandemic and expanded globally, has been cutting costs and restructuring its operations after a backlash from activist investors. This month it listed its Middle Eastern unit, Talabat Holding Plc, in Dubai in a $2 billion initial public offering that was the Gulf’s biggest of the year.
Delivery Hero, based in Berlin, said in a statement on Wednesday that Uber may now appeal or opt to walk away. Uber said in a statement that it’s disappointed by the decision, but will continue to invest in Taiwan.
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