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Paz's Withdrawal From Wolt Market Deal Highlights Unfair Advantage Concerns
Paz has withdrawn its bid to acquire Wolt Market, citing concerns about profitability, which follows a ruling by the Israel Competition Authority forcing Wolt to sell the operation.
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What happened
- 01Paz withdrew its bid to buy Wolt Market, citing profitability concerns.
- 02Israel's Competition Authority forced Wolt to sell Wolt Market due to unfair advantage.
- 03Wolt Market allegedly used competitor data gathered from its platform.
- 04Paz owns Freshmarket, Super Yuda, and Yellow convenience stores.
- 05Wolt Market lost 130-140 million shekels in the past two years.
The authority mandated the sale due to Wolt Market's potential unfair advantage by operating on the same platform it manages, accessing competitor data. Paz's withdrawal suggests that Wolt Market may not be viable without this perceived unfair edge, as the company has incurred significant losses.
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