Lotteria parent says no to Yogiyo takeover: report

Delivery Hero has been trying to sell Yogiyo in order to acquire Woowa Brothers.

Lotte Group, the parent company of Japanese fast food chain Lotteria, confirmed it was not interested in acquiring South Korea’s second largest food delivery app Yogiyo, Yonhap News Agency reported.

Citing a Lotte Group official who spoke on the condition of anonymity, the company was "not interested in acquiring Yogiyo in the first place" despite being widely speculated to be a powerful candidate for the deal after it lost the eBay Korea deal to Shinsegae.

Both Lotte Group and Shinsegae, Yonhap noted, had been considered the two most viable potential bidders for Yogiyo, run by Germany's Delivery Hero (DH), the parent company of Foodpanda.

DH has been trying to sell Yogiyo in order to acquire Woowa Brothers, the operator of the country's top food delivery app Baedal Minjok, following instructions from the country’s antitrust regulator last year.

Read the full report here.

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