(Reuters) – Taiwan has blocked Uber Technologies (NYSE:)’s $950 million purchase of Delivery Hero’s Foodpanda on the island over competition concerns, Taiwan’s official 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 clarification at a press conference at 5 p.m. (09:00 GMT) in Taipei.
CNA did not say where it obtained this information.
Uber and Delivery Hero announced a deal in Taiwan in May, which also included a separate deal for Uber to buy newly issued shares of the German food delivery company worth $300 million.
The U.S. company expected the acquisition to contribute at least $150 million annually to the adjusted core earnings of its delivery business within a year of closing, which was expected to be the likely first half of 2025.
Online food delivery platforms make up a miniature part of Taiwan’s competitive food delivery market, but Foodpanda’s operations on the island have achieved break-even in terms of adjusted core profits for the 12 months ended March 31, 2024, the companies said.
