Why Uber's stake in Grab pushed Taiwan's foodpanda review to Oct. 27

Taiwan's Fair Trade Commission (FTC) is still reviewing Grab Holdings' agreement to buy the Taiwan delivery business of foodpanda from Delivery Hero for $600 million. On July 22, 2026, the FTC extended the review, and the new deadline is Oct. 27.

The extension did not turn on the purchase alone. The FTC said it needed more time to examine a stake that Uber Technologies holds in Grab. The case shows how the Act's merger rules are being applied to a minority holding in a rival.

What Grab is buying

Grab announced the agreement on March 23, 2026. The price is $600 million in cash, on a cash-free, debt-free basis, subject to customary closing adjustments. Taiwan News, citing The Storm, puts the price at about NT$19.1 billion.

Closing depends on regulatory approvals and is expected in the second half of 2026. Grab is targeting full migration of users and partners to its app by early 2027. Focus Taiwan reports that Grab has not yet launched services in Taiwan. Taiwan News's related items also include a June 2 report on Grab's effort to address data security concerns in Taiwan.

The foodpanda Taiwan business had about US$1.8 billion in gross merchandise value in 2025, measured before incentives. It was profitable on an adjusted EBITDA basis before Delivery Hero's group costs were allocated to it. After closing, Grab says it will have a presence across 21 cities in Taiwan.

Grab also says the deal is expected to add at least $60 million in incremental adjusted EBITDA in 2028, and to be accretive to its three-year outlook of $1.5 billion by 2028. Grab reiterated its 2026 adjusted EBITDA guidance of $700 million to $720 million.

The merger test in the Fair Trade Act

In the 2017 English translation published by TIPLO, Article 10 lists five situations. They include one enterprise merging into another, and one enterprise holding or acquiring more than one-third of another's voting shares or capital. Others cover the assignment or lease of the whole or a major part of another's business or assets, joint regular operation, and direct or indirect control over another's business operations or personnel appointments and removals.

Article 11 requires advance filing when any of three conditions applies. The first is that the merger gives the enterprises one-third of the market. The second is that one merging enterprise already holds one-quarter of the market. The third is that one party's sales in the prior fiscal year exceed a threshold set by the authority. Sales are counted across controlled, controlling and affiliated enterprises.

The sales threshold is set by separate FTC announcement. The current figure is not included in this article.

For a reader, the practical effect of Article 11 is that a deal can trigger a filing through market share or through sales, and the FTC's review then runs under the timetable in the Act. All three conditions are listed in the same article, so a filing can be required even where only one condition is met.

The review clock and the October extension

The two reports date different steps. Taiwan News dates Grab's application to March 27, 2026, and says the FTC accepted it in June. Focus Taiwan reports that Grab submitted a complete application on June 16.

Under the translated Act, the waiting period is 30 working days from the date the authority accepts complete filing materials. The authority may shorten or extend that period in writing, and an extension may not exceed 60 working days. If the authority neither extends nor decides before the period ends, the parties may proceed, unless they agree to a further extension or the filing contained false or misleading information.

Before the extension, Taiwan News reported that an FTC decision was expected by the end of July. On July 22, the FTC announced that the initial period, which would have ended July 29, was extended by 60 working days to Oct. 27.

The FTC said further analysis was needed to judge whether Uber's stake and voting rights could affect the 'incentive and ability' of Uber Eats and Grab to compete after the acquisition. Taiwan News's related items include an April 23 report that the FTC was awaiting extra documents for its review, and a June 9 report that Grab sought approval for the acquisition.

Why Uber's stake became the sticking point

Focus Taiwan reports that Uber holds a 13% stake in Grab and 3.7% of its voting rights. Taiwan News, citing the Central News Agency, puts the stake at about 13.5% and describes Uber as Grab's largest institutional shareholder. The two outlets differ on the figure.

Taiwan News reports that FTC officials said they would examine whether Uber has any degree of control over Grab. The review also covers market concentration, monopoly risk and whether the deal could raise barriers to entry for new competitors in Taiwan's food delivery market.

Focus Taiwan adds that Uber Eats and foodpanda are Taiwan's two leading food delivery platforms. It also reports that Uber has agreed to a US$14.8 billion deal to acquire Delivery Hero, excluding foodpanda's Taiwan operations. Those operations are the subject of the separate proposed $600 million sale to Grab.

The FTC's extension cites a minority stake held by a rival. Article 10 refers to holding more than one-third of another enterprise's voting shares or capital, and the reported Uber stake is 13% to 13.5%. The FTC's stated question concerns how the two companies would compete after the deal.

What the case means for couriers, platforms and investors

Focus Taiwan reports that the National Delivery Union organized a protest outside the FTC office on the day of the extension. Its chair, Arery Chen, said the union does not oppose Grab entering Taiwan. The union wants the extent of Uber's influence over Grab clarified, since Uber is Grab's largest shareholder. Chen also argued that two platforms under shared interests would not genuinely compete.

Focus Taiwan also quotes Leo Hsu, a delivery courier who has worked nine years and delivers for both Uber Eats and foodpanda. Hsu said couriers' bargaining power would be affected if the deal proceeds, and warned that the resulting lack of competition could allow prices and commissions to be dictated. Taiwan News's related items include a September 10, 2025 report that foodpanda invested NT$2 billion in a rider safety program.

As reported, the FTC is examining a minority holding in a competitor, including its voting rights, as part of an acquisition review. For investors in Grab, Delivery Hero and Uber, the FTC review deadline is Oct. 27. Closing depends on regulatory approvals.