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Uber, DiDi Chuxing Reportedly Strike Peace Deal

Uber Technologies has reportedly abandoned a bid to take on home-grown rival DiDi Chuxing in China with a $35 billion deal to hand over its Chinese operations in exchange for a 20% stake in its enlarged peer.

News of the agreement was reported by outlets including Bloomberg, the New York Times, the Wall Street Journal and the Financial Times, which said that an announcement was due this week.

The deal reportedly values DiDi Chuxing at $28 billion and Uber China at $7 billion.