FRANKFURT (dpa-AFX) – Delivery Hero weak premarket – Food Panda sale prohibited A setback in the planned sale of the Food Panda business in Taiwan caused Delivery Hero shares to collapse premarket on Friday. On the Tradegate trading platform, the food supplier’s shares fell by a good 12 percent to 25.12 euros compared to Monday’s Xetra closing price. This means that the main business is at its lowest level since the end of August.
The Taiwanese competition authority TFTC will not approve the sale of Food Panda activities to the US driving and delivery service Uber, Delivery Hero said. Uber wanted to acquire the division in a multi-stage deal for almost $1 billion and buy a small stake in Delivery Hero. Uber could appeal against TFTC’s decision or terminate the transaction, the MDAX group said in a statement.
Analyst Marcus Diebel from JPMorgan Bank viewed the decision as clearly negative for Delivery Hero. The company wanted to use the money from the sale to buy back convertible bonds and improve the overall capital structure. The amount of a possible compensation payment (break-up fee) to Delivery Hero is currently unclear. The expert emphasized that there are also opportunities for the company to make other sales in the region, which could then act as a positive catalyst for the price./edh/mis
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