Grab, Uber fined a combined $13 million by competition watchdog for March merger

[covertbriar]

SINGAPORE - Singapore's competition watchdog on Monday (Sept 24) fined ride-hailing firms Grab and Uber a combined $13 million for their merger in March, which saw the sale of Uber's South-east Asian business to Grab for a 27.5 per cent stake in Grab.

Grab was fined about $6.4 million while Uber was fined about $6.58 million by the Competition and Consumer Commission of Singapore (CCCS).

In a statement, the CCCS reiterated its decision that the deal between the two firms had reduced competition in the ride-hailing scene and said it had infringed Section 54 of the Competition Act, which prohibits mergers that could significantly reduce competition in any market here.

"Mergers that substantially lessen competition are prohibited and CCCS has taken action against the Grab-Uber merger because it removed Grab's closest rival, to the detriment of Singapore drivers and riders," said CCCS chief executive Toh Han Li.

"Companies can continue to innovate in this market, through means other than anti-competitive mergers."

In addition, the CCCS directed both parties to lessen the impact of the transaction on drivers and riders, and to open up the market and level the playing field for new players.

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Grab, Uber fined a combined $13 million by competition watchdog for March merger

 

[aerobwala]

Eventually these fines would be transferred to Grab drivers.

 

[eatshitndie]

how cum the same section doesn't apply to ntuc enterprise (foodfare) and grabbing of kopitiam?

 

[po2wq]

fine 4 wat? ... declare merger void n tel dem 2 demerge la ...

basically now ah loon is making moni out of ze merger ...

 

[covertbriar]

 

[winnipegjets]

SINGAPORE - Singapore's competition watchdog on Monday (Sept 24) fined ride-hailing firms Grab and Uber a combined $13 million for their merger in March, which saw the sale of Uber's South-east Asian business to Grab for a 27.5 per cent stake in Grab.

Grab was fined about $6.4 million while Uber was fined about $6.58 million by the Competition and Consumer Commission of Singapore (CCCS).

In a statement, the CCCS reiterated its decision that the deal between the two firms had reduced competition in the ride-hailing scene and said it had infringed Section 54 of the Competition Act, which prohibits mergers that could significantly reduce competition in any market here.

"Mergers that substantially lessen competition are prohibited and CCCS has taken action against the Grab-Uber merger because it removed Grab's closest rival, to the detriment of Singapore drivers and riders," said CCCS chief executive Toh Han Li.

"Companies can continue to innovate in this market, through means other than anti-competitive mergers."

In addition, the CCCS directed both parties to lessen the impact of the transaction on drivers and riders, and to open up the market and level the playing field for new players.

More Huat!
Grab, Uber fined a combined $13 million by competition watchdog for March merger

You know this is wayang ...if it opposes, then it should force them to break up. $13 million is small change.

 

[no_faith]

Funny leh, Transition process i thought got audit all shits? Now then tcss after merger complete.
马后炮
You get to pocket 13mil is a good deal