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A food delivery industry source warned the Korea Fair Trade Commission (FTC) that German firm Delivery Hero can delay the sale of Yogiyo and raise the market share of Baemin to the fullest while it operates both firms for up to six months.
Emphasizing that the FTC needs to supervise Delivery Hero, closely, it added that the German firm can also try to combine with another food delivery player while its market share grows in the meantime.
The FTC had asked Delivery Hero to sell Yogiyo within six months if it wants to pursue a merger with Woowa Brothers, the operator of No.1 food delivery service Baemin or Baedal Minjok.
Delivery Hero said it will first settle the merger deal with Woowa Brothers within the first quarter of next year before selling off Yogiyo.
Coupang, Naver, and Kakao have emerged as top candidates to take over South Korea's No. 2 food delivery player Yogiyo.
Domestic retail giants like E-Mart and Lotte are also tapped as possible candidates to take over Yogiyo. E-Mart is said to have started internally reviewing that possibility.
Yogiyo, which accounts for 18 percent of the local market share, has an estimated market value of 2 trillion won, excluding the control premium.
An industry source said Yogiyo is an especially attractive firm for Coupang as it can achieve synergy with its own delivery service.
Coupang currently runs its own food delivery service, Coupang Eats, which comprises a 3.1-percent market share to rank third-largest.
