SINGAPORE: German food delivery group Delivery Hero SE said negotiations had failed regarding a potential sale of its Foodpanda business in some markets in Southeast Asia.
The company had confirmed on Feb 2 that talks were continuing to sell the business in Singapore, Malaysia, the Philippines, Thailand and other countries. Those discussions have ended, Delivery Hero said Wednesday in a statement.
“The negotiations for the aforementioned potential sale terminated as the parties could not reach final agreement on the deal terms,” the company said.
Business in Asia, Delivery Hero’s largest market, has stagnated since pandemic-era lockdowns eased. In September, the company said it was in talks to sell the Foodpanda brand in some countries in Asia. It didn’t name the potential buyers.