Singapore Watchdog Probes Potential Grab, Delivery Hero Deal

Singapore's group that checks competition looked at the chance of Grab Holdings and Delivery Hero talking together, but those talks fell apart. This made them worry about competition in the food delivery market. 

Delivery Hero from Germany wanted to sell its foodpanda business in some parts of Southeast Asia. In September, some news said that Grab, which is based in Singapore, might buy it.

The Competition and Consumer Commission of Singapore (CCCS) started checking into this possible deal in early January.

Grab and foodpanda control almost all of Singapore's $2.5 billion food delivery market, says a report. Grab alone has 63% of it.

But the CCCS stopped its checking on February 23 because Delivery Hero canceled its plans to sell, and Grab said it wasn't interested anymore.

The talks fell apart in early February, according to news.

Grab and Delivery Hero didn't answer Reuters' questions.

Cutting Jobs

Last year, Grab Holdings said it would cut 1,000 jobs, which is about 11% of its workers.

The CEO, Anthony Tan, said this was needed to save money and keep services affordable for a long time. In a letter to workers, Tan said these cuts weren't just about making quick money but were about changing the company to fit the changing business world.

Tan also talked about how fast things change, like new technology and the cost of money going up, which affects how companies compete.

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