Shareholder activism

Why a merger between Grab and Gojek is unlikely (for now)

A Grab-Gojek consolidation has always been the talk of the town, given overlapping business similarities, but never taken seriously – until now. There are two outcomes that seem the most likely, but an M&A is not one of them.

Speculation is building over a potential merger between Softbank backed Grab and its regional rival Gojek, following a February 25 article in The Information, citing that investors from both companies were looking to mitigate futures losses or exit their positions.

Following the story, Gojek immediately released a press statement saying, “there are no plans for any sort of merger and recent media reports regarding discussion of this nature, are not accurate.” The same comments were later affirmed to FinanceAsia on February 26. Grab did not respond to any requests for comment.

Of course, public statements are temporary and not always to be trusted. However,...

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