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"Dream - PT GoTo Gojek Tokopedia Tbk (GoTo) or Goto Group is rumored to continue its business merger plan with Grab Holdings Ltd."
According to Yahoo Finance, people who are aware of the plan say that both parties are in early discussions regarding various scenarios.
The main shareholders of both companies support the agreement and encourage the negotiations. One potential option is that Grab, based in Singapore, will acquire GoTo using cash, stocks, or a combination of both.
The following is the translation of the given 'Bahasa' text to 'English' while preserving any HTML tags: "The unnamed source added that Indonesian companies are more open to agreements after Patrick Walujo took over as CEO."
This news also emerged as one of the efforts to cover the losses that have been occurring for years due to intense competition between them.
The explored options of these two delivery technology companies also include the separation of their main markets, with Grab taking control of their base in Singapore and several other markets, while GoTo remains in control in Indonesia. However, valuation seems to be the main obstacle in the agreement. Namely, GOTO's shares have plummeted about 30 percent in the last 12 months. Other concerns are related to the structure of the agreement and governance.
In response to this issue, a representative from GoTo said, "there is no such discussion," while a representative from Grab declined to comment.
Competition between Grab and GoTo has made prices for consumers very low in countries like Indonesia. In the largest market in Southeast Asia where regulators also actively ensure affordable rates, scooter ride costs can be less than $US, and car rides are not more than that.
This puts pressure on transportation companies to expand related services such as delivery and digital payments. Grab and GoTo have considered the potential merger in the past few years. Discussions resumed after GoTo released control of the e-commerce unit Tokopedia to ByteDance Ltd.'s TikTok in December 2023. This deal has the potential to make Grab and GoTo a stronger pair.
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