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		</div><p>Ride-sharing app Uber has struck an agreement to merge its Chinese business with rival Didi Chuxing in a 35 billion US dollar (£26bn) deal.</p>
<p>As part of the tie-up, investors in loss-making Uber China will pick a 20% stake in Didi Chuxing, while the deal marks an end to a bitter, two-year rivalry in the country.</p>
<p>Didi Chuxing chief executive Cheng Wei said: &#8220;Didi Chuxing and Uber have learned a great deal from each other over the past two years in China&#8217;s burgeoning new economy.</p>
<p>&#8220;This agreement with Uber will set the mobile transportation industry on a healthier, more sustainable path of growth at a higher level.&#8221;</p>
<p>Didi Chuxing, which is owned by Chinese internet titans Tencent and Alibaba, controls almost 90% of the market in China. The company said a total of 1.43 billion rides were completed on its platform in 2015.</p>
<p>Uber China will keep its branding in the country, but Didi Chuxing will integrate the two companies&#8217; technology and management.</p>
<p>Uber chief exeucutive and co-founder Travis Kalanick said: &#8220;Uber China &#8211; in just two years &#8211; has exceeded even my wildest dreams. We&#8217;ve grown super-fast and are now doing more than 150 million trips a month.</p>
<p>&#8220;Uber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there. </p>
<p>Getting to profitability is the only way to build a sustainable business that can best serve Chinese riders, drivers and cities over the long term.&#8221;</p>
<p>In another sign of increased consolidation in the global ride hailing market, last week Daimler said its MyTaxi firm will join forces with the smartphone app Hailo to create a new company with 70 million passengers.</p>
<p>The move was seen as an attempt to stall the continued rise of Uber by creating Europe&#8217;s biggest e-hailing taxi company.</p>
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