SINGAPORE -- Regional ride-hailing giant Grab has withdrawn its plan to acquire Singaporean taxi operator Trans-cab, the city-state's competition watchdog announced Thursday, after authorities raised concerns that the merger would reduce competition in the local market.
The Competition and Consumer Commission of Singapore (CCCS) said in a statement that Grab and Trans-cab, the country's third-largest taxi operator, had notified the authority on Monday that they would no longer proceed with the proposed deal.
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