Uber’s purchase of Foodpanda is blocked by Taiwanese regulators

What you need to know

• Regulators in Taiwan blocked Uber's $950 million purchase of online food delivery and ordering platform Foodpanda, The Wall Street Journal reported Thursday.
• Officials reportedly said Uber's acquisition of the Delivery Hero-owned business would be anti-competitive.
• Uber said the deal was beneficial for consumers.

The Wall Street Journal reported that Taiwanese regulators blocked Uber Technologies’ (UBER) proposed $950-million purchase of Singapore food delivery and order platform Foodpanda.

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

Uber Eats released a statement in which it expressed disappointment with the outcome. It added that, since the agreement on Delivery Hero’s acquisition, the company has been unable to deliver the service. “made proposals with multiple conditions attached” It is important to respond to the concerns of the Commission. It said it believed “this transaction can bring the greatest benefits to our delivery partners, merchant partners, consumers, and Taiwan’s economy."

Uber bought Foodpanda back in May. This deal would combine Uber’s expertise with operating high-efficiency markets with Foodpanda’s coverage of Taiwan, and relationships with popular local brands.

Uber shares are little changed Thursday intraday following the announcement.

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