Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Coca-Cola’s Proposed Sale of Costa Coffee Faces Uncertainty Amid Price Dispute 
SUPERFORTUNE Launches AI-Powered Mobile App, Expanding Beyond Web3 Into $392 Billion Metaphysics Market 
FDA Says No Black Box Warning Planned for COVID-19 Vaccines Despite Safety Debate 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
Korea Zinc to Build $7.4 Billion Critical Minerals Refinery in Tennessee With U.S. Government Backing 
Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
noyb Files GDPR Complaints Against TikTok, Grindr, and AppsFlyer Over Alleged Illegal Data Tracking. 
Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation 
FAA Unveils Flight Plan 2026 to Strengthen Aviation Safety and Workforce Development 
SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
Trump Sues BBC for Defamation Over Edited Capitol Riot Speech Clip 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
Kakao Mobility was aiming to acquire FreeNow, but it seems the plan is not going as smoothly as expected. This is because the negotiations suddenly came to a halt when the South Korean firm initially thought the deal would be finalized before this year's end.
Moreover, Kakao Mobility's failure to close the deal this year shows that its "Beyond Korea" strategy is not going well. Its bid to buy the German mobility service provider is part of the company's aim to expand its business outside South Korea.
Buyout Talks at a Standstill
According to The Korea Economic Daily, Kakao Mobility launched a preliminary bid to acquire an 80% stake in FreeNow last month. The company is currently the largest mobility service provider in Europe, and the BMW Group and Mercedes-Benz Mobility are some of its major shareholders.
At that time, the ride-hailing service company was known to have offered KRW400 billion or about $310 million for the deal. However, after the investment committee of its parent company, Kakao Corporation, reviewed the proposal for stake acquisition in FreeNow, they opposed the bid, citing the high price tag.
Now, in the recent turn of events, Kakao Mobility has encountered another obstacle, and this situation could completely put an end to the deal as this has placed real uncertainty over the future of the negotiations. As of Dec. 27, it appears that finalizing the acquisition has become more difficult, and it was reported that the negotiations may take time to resume or not proceed at all.
Kakao's Global Expansion Push Sits on the Fence
The Korea Times reported that some market watchers said that Kakao Corporation's drive for overseas growth is faltering due to repeated failures of its subsidiaries like Kakao Mobility to complete acquisition deals with leading companies in Europe and the United States.
One of the biggest hurdles that is blocking the deals is the risk factors involving legal uncertainties over management. For instance, the company's senior executive, Bae Jae Hyun, is on trial for stock manipulation allegations, and Kakao's founder, Kim Beom Su, alongside former CEO Hong Eun Taek, is also facing prosecution.
Photo by: Kakao Mobility Newsroom
