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Delivery Hero Denies Report That Talks to Sell Foodpanda Failed
Delivery Hero’s talks to sell its Foodpanda brand in several Southeast Asian markets collapsed.
Delivery Hero’s talks to sell its Foodpanda brand in several Southeast Asian markets collapsed.Photographer: Paul Yeung/Bloomberg
By Aggi Cantrill
2 februari 2024 at 11:17 CET
Updated on 2 februari 2024 at 13:27 CET
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German food delivery group Delivery Hero SE denied a report that talks to sell part of its Foodpanda business in Asia had collapsed, helping shares recover some of their earlier losses on Friday.
“There are market rumors that the negotiations for the potential sale have collapsed,” Deliver Hero said in a statement. “We confirm that the negotiations for the potential sale are ongoing.”
A report from Malaysian newspaper New Straits Times on Friday said that talks to sell its Foodpanda brand in several Southeast Asian markets to Singapore’s Grab Holdings Ltd. fell apart, citing people familiar with the matter.
A Grab representative declined to comment.
Delivery Hero’s shares were down 9% to €19.56 at 1:27 p.m. in Frankfurt, from as much as 13% earlier. That marked the biggest intraday decline since February 2022.
Delivery Hero’s Asian business, its largest market, has stagnated since pandemic-era lockdowns eased. In September, the company said it was in talks to sell the Foodpanda brand in countries including Singapore, Malaysia, Philippines and Thailand. It hasn’t named the potential buyers.
China’s Meituan is exploring a potential acquisition of Foodpanda in these markets, Bloomberg reported in November.
— With assistance from Olivia Poh