Korea Fair Trade Commission begins review of deal between Uber and Delivery Hero

Meta's AI app Muse, led by Alexandr Wang, became the top free app on U.S. and Canadian app stores, with 2.8M downloads in two weeks. Investors fear it may disrupt sectors like financials and travel. Meta's stock rose 13%, while financials and travel stocks fell. Shopify and PayPal also gained after partnering with Muse.

Uber seeks to acquire Delivery Hero, owner of South Korea's Baemin, for $13.7B. The FTC has begun a preliminary review. Uber aims to expand in food delivery, having previously exited the market in 2019. The deal could integrate services and strengthen market power, but faces regulatory scrutiny.

Uber Technologies (UBER) is facing renewed scrutiny after an arbitrator ordered it to pay $40M in a wrongful-death case. The company's share price has fallen 11% in the past month and 15.7% year-to-date, contrasting with positive long-term returns. Analysts debate whether the stock's decline reflects legal risks or offers a buying opportunity, with a fair value estimate of $116.

Uber is seeking South Korean regulatory approval for its $14.8 billion acquisition of Delivery Hero, which operates Baemin, the country's largest food-delivery platform. The KFTC is reviewing the deal, focusing on potential competition impacts and synergies between Uber's mobility and Baemin's delivery services. Uber values Delivery Hero at $14.8 billion, with the tender offer open until Nov. 5. The transaction is expected to close in late 2027, subject to regulatory approvals.

An arbitrator ordered Uber and its driver, Vu Tran, to pay $40 million to the family of Emily Normandin-Parker, who died after being left on a highway. The ruling found Uber vicariously liable as a common carrier, challenging the company's argument that drivers are independent contractors. Uber disputed the decision, stating it had updated driver guidelines.

Korea's FTC began reviewing Uber's proposed acquisition of Baemin, a food delivery platform, through a tender offer for Delivery Hero, which controls Baemin. The deal, if approved, would mark Uber's return to Korea's food delivery market and combine its ride-hailing with Delivery Hero's food delivery business. Uber aims to complete the acquisition by mid-2024, pending regulatory approvals.