BERLIN (dpa-AFX) - German online food-delivery service Delivery Hero SE confirmed Tuesday that it has submitted an application to the Korea Fair Trade Commission or KFTC for an extension of the implementation period to divest its Korean subsidiary.
The request is to extend the original period of implementation of the KFTC's remedial order requesting the company to divest all its shares in Delivery Hero Korea LLC, known as Yogiyo, by August 2, 2021 for another five months.
The application is currently under review by the KFTC.
Delivery Hero said it is in the process of negotiating a divestiture.
Delivery Hero had announced the purchase of shares in, and the establishment of a joint venture with the management of, Woowa Brothers Corp. on December 13, 2019.
Following the written decision on conditional approval issued by the KFTC on February 2, 2021, Delivery Hero announced that all actions to close the deal with Woowa were taken on March 3, 2021.
Copyright RTT News/dpa-AFX