The IMDs ceased to have effect from Feb 23, following information that the possible transaction had been abandoned. Photo: Bloomberg

The Competition and Consumer Commission of Singapore (CCCS) had issued a set of interim measures directions (IMDs) to Foodpanda operator Delivery Hero and Grab Holdings on February 2 in relation to the latter’s possible acquisition of whole or part of the former’s business in Southeast Asia, including Singapore.

The statutory board of the Ministry of Trade and Industry notes in an April 1 media release that the IMDs ceased to have effect from Feb 23, after it was informed that the possible transaction had been abandoned.

This follows an investigation commenced by the CCCS on Jan 10 into whether the possible transaction would infringe section 54 of the Competition Act 2024.

Under the IMDs, the CCCS directed the parties to not, amongst others, take any action which would cause the integration of any parties’ online food ordering and delivery (OFOD) service businesses in Singapore; affect any agreement between the parties that would materially impair the ability or incentive either parties to compete independently OFOD services in Singapore; or materially impact the viability and saleability of Delivery Hero’s Foodpanda business in Singapore.

The directions include that Grab shall not make any payment to Delivery Hero, and Delivery Hero shall not receive any payment from Grab in cash, stock or otherwise, in connection with a Singapore merger.

The CCCS continues to monitor market practices and will take necessary action to protect the market against mergers or acquisitions which may substantially lessen competition in Singapore.