Uber China gives up fight, will merge with local player, Didi Chuxing

Uber Technologies has decided to cooperate rather than compete in China, with the ride-hailing app company set to announce a merger with arch-rival Didi Chuxing, the largest ride-hailing company in the country.Under the deal, Uber China investors will hold 20 percent stake in Didi Chuxing in a deal that values the combined entity at around US$35 billion, according to reports on Monday. Didi Chuxing will also make a $1 billion investment in Uber Global.Didi Chuxing, which already had investments