Taiwan has blocked Uber Technologies' $950 million purchase of Delivery Hero's Foodpanda business on the island because of concerns it would be anti-competitive, the Fair Trade Commission (FTC) said on Wednesday.

Regulators in Taiwan blocked Uber's $950 million purchase of online food delivery and ordering platform Foodpanda.

Taiwan has rejected ride-hailing giant Uber's plan to buy Delivery Hero's Foodpanda on the island, stating on Wednesday that the deal would significantly harm market competition.

Taiwan has blocked Uber Technologies’ planned takeover on anticompetition concerns, thwarting the U.S. company’s efforts to expand in Asia.

M purchase of Delivery Hero’s (DLVHF) Foodpanda business over concerns it would be anti-competitive, Reuters reports. Delivery Hero said in a statement Uber may appeal the commission’s decision or terminate the acquisition.

Taiwan has rejected Ubers $950 million acquisition of Delivery Heros Foodpanda, citing concerns over anti-competitive effects and potential price hikes for consumers. The Fair Trade Commission said the merger would

Uber stock was lower after regulators in Taiwan blocked its plan to acquire a competitor in the market for $950 million.

TAIPEI (Taiwan News) — Taiwan's FTC announced it will block the merger between Uber Eats and Foodpanda on Wednesday, citing concerns about market overconcentration. Uber Eats had announced on May 14 its plans to acquire Foodpanda, per CNA. The company submitted the necessary information for review to the FTC on Nov. 8.

Taiwan's FTC blocks Uber's $950 million acquisition of Foodpanda, citing anti-competitive concerns over market dominance and reduced consumer choice.

Delivery Hero SE shares fell the most in two weeks in the first day of trading after Taiwan blocked the sale of its subsidiary there to Uber Technologies Inc.