Chinese cab service Didi Chuxing is gearing up to merge with Uber’s operations in the country, reports Bloomberg. The homegrown cab company is investing $1 billion in Uber based on a $68 billion valuation; the combined value of the new entity will be about $35 billion. The report follows a new ruling in China which legalized ride-hailing services in the country at the end of last month. Bloomberg’s sources say that Uber has already wasted $2 billion in attempting to compete with Didi Chuxing, so the move could help the San Francisco-based company cut its losses and continue to make money…
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