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(Reuters) – Taiwan has blocked Uber Technologies’ (NYSE: ) $950 million purchase of Delivery Hero’s Foodpanda business on the island due to anti-competitive concerns, Taiwan’s Central News Agency (CNA) reported on Wednesday.
Uber, Delivery Hero and Foodpanda did not immediately respond to requests for comment outside normal business hours.
Taiwan’s Fair Trade Commission declined to comment but said it would provide an explanation at a press conference at 5pm (0900 GMT) in Taipei.
CNA did not say where it got the information.
Uber and Delivery Hero announced the Taiwan deal in May, which included a separate agreement for Uber to buy $300 million worth of new shares in the German food firm.
The American company expected the acquisition to contribute at least $150 million annually to the adjusted profit of its transportation business in the year after the closing of the deal, which is seen in the first half of 2025.
Online food delivery platforms represent a small fraction of Taiwan’s competitive food delivery market, but Foodpanda’s performance on the island was a disparity in terms of adjusted core earnings for for the 12 months ended March 31, 2024, the companies said.
