Uber’s Purchase of Foodpanda Blocked by Taiwanese Regulators

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Key Takeaways

• Regulators in Taiwan blocked Uber’s $950 million purchase of online food delivery and ordering party line Foodpanda, The Wall Street Journal reported Thursday.
• Officials reportedly said Uber’s acquisition of the Delivery Hero-owned concern would be anti-competitive.
• Uber argued the deal would be beneficial to consumers.

Regulators in Taiwan blocked Uber Technologies’ (UBER) diagramed $950 million purchase of Singapore-based online food delivery and ordering platform Foodpanda, The Wall Street Album reported Thursday.

Taiwan’s Fair Trade Commission reportedly said Foodpanda, which is owned by Germany’s Pronunciation Hero, is Uber’s biggest competitor in Taiwan, and that the merger would create greater disadvantages for competition than commercial benefits.

Uber Eats said in a statement it was disappointed with the decision, adding that since agreeing on the procurement with Delivery Hero, it has “made proposals with multiple conditions attached” to address the commission’s concerns. It talk out ofed it believes “this transaction can bring the greatest benefits to our delivery partners, merchant partners, consumers, and Taiwan’s compactness.”

Uber had announced it was buying Foodpanda in May, in a deal that would “combine Uber’s global expertise in operating a high-efficiency marketplace with foodpanda’s global coverage across Taiwan and its relationships with beloved local brands.”

Uber shares were little metamorphosed in intraday trading Thursday following the news.