The Philippines’ antitrust regulator on Friday, August 10, approved Grab’s takeover of Uber’s Southeast Asian business, but imposed antimonopoly measures against the ride-hailing service provider, reported the Wall Street Journal.
The Philippine Competition Commission stated that Grab will be required to bring average rates for ride acceptance and cancellation back to levels comparable to those in the period before the Uber deal. The ruling also requires the firm to provide detailed fare breakdowns to customers. Prices will stay within a controlled range to prevent any “extraordinary deviation.” Grab will also be prohibited from binding drivers to exclusivity agreements.
The Commission stated that any breach of these conditions, which it announced have already been agreed upon with Grab, would be met with a fine of up to 2 million Philippine pesos (US$37,600) per violation. It emphasized its right to undo the acquisition in the event of severe noncompliance.
Full Content: The Wall Street Journal
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