Indonesia’s GoTo, one of South-east Asia’s biggest ride-hailing companies, said on Tuesday (Feb 13) that it was not in any discussion with Grab Holdings about a potential merger.

Media reports previously said both the companies were in preliminary discussions related to a variety of scenarios about a potential deal.

One potential option is for Singapore-based Grab to acquire GoTo using cash, stock or a combination of the two, one of the people said, adding that the Indonesian company is more open to a deal after Patrick Walujo took over as CEO last year. REUTERS