Ride-hailing giant Grab’s year-long bid to purchase taxi operator Trans-Cab has ended, with the parties telling Singapore’s competition watchdog that they will no longer be proceeding with the proposed acquisition.
This comes two weeks after the Competition and Consumer Commission of Singapore (CCCS) issued its provisional ruling on the deal, saying that it was likely to lead to a substantial reduction of competition in the ride-hailing market, thereby infringing Section 54 of the Competition Act, which prohibits anti-competitive mergers.
In a statement on July 25, CCCS said Grab and Trans-Cab have withdrawn their application to the watchdog for a decision on the acquisition. Accordingly, CCCS has ended its assessment of the proposed deal.
CCCS said Grab and Trans-Cab had expressed in a letter their respect for the regulatory process and their appreciation to the competition watchdog for the thorough review. CCCS also noted Grab’s commitment to operating in compliance with competition laws, and the company’s intention to contribute positively to the competitive landscape here.
Denne historien er fra July 26, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra July 26, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Under-16s need more exposure, says fraternity
There are valuable lessons to be learnt from the Singapore Under-16 football team's defeats at the recent Lion City Cup (LCC), said the community on Oct 8.
Kane given 'all-clear' for Nations League games
LONDON – Captain Harry Kane has been given the green light to remain with England for their upcoming Nations League fixtures on Oct 7, after the striker was examined by Football Association (FA) medical staff.
Historic Ohtani 50-50 ball remains in play as auction continues
LOS ANGELES – The owner of the ball that Shohei Ohtani hit for his historic 50th homer of 2024 remains in dispute, but the souvenir will continue to be auctioned off while legal proceedings continue.
DJOKOVIC STORMS PAST COBOLLI
Serb eases into Shanghai Masters last 16 after days of schedule disruption due to rain
France Rugby plans to impose strict discipline
PARIS - French Rugby Federation (FFR) president Florian Grill announced on Oct 7 an overhaul of the system of discipline in the France teams after a summer tour of Argentina was overshadowed by claims of attempted rape and racism.
CHAMPS GALORE AT SWIM WORLD CUP IN S'PORE
Star-studded cast includes Marchand, Pan, le Clos, McKeown, Zhang and Douglass
BOY XANDER LOOKING FRESH FOR THE TASK
Two-time Kranji winner returns after 29 months out, goes well in training on Oct 8
Turn down the K-pop and pay attention to K-healing
The rise of South Korean books about burnout has taken the world by storm.
How is it that Netanyahu is able to keep defying Biden?
The 'tail wagging the dog' situation is not simply about the power of the 'Israel Lobby'. Other factors in the patron-client relationship are in play too.
Most Asean fund managers avoiding new economy firms
Uncertainty over future returns, growth prospects among factors