Uber’s Purchase of Foodpanda Blocked by Taiwanese Regulators | Global News Avenue

Taiwan regulator blocks Uber Technologies’ (Uber) plans to acquire Singaporean online food delivery and ordering platform Foodpanda for US$950 million, wall street journal reported Thursday.

According to reports, Taiwan’s Fair Trade Commission stated that Foodpanda, owned by Germany’s Delivery Hero, is Uber’s largest competitor in Taiwan and that the merger will have an adverse impact on competition that outweighs the economic benefits.

Uber Eats said in a statement it was disappointed with the decision, adding that since agreeing to acquire Delivery Hero it had “put forward proposals with a number of conditions attached” to address the committee’s concerns. The company said it believed “this transaction can bring the greatest benefit to our delivery partners, business partners, consumers and Taiwan’s economy.”

Uber announced its acquisition of Foodpanda in May, a deal that would “combine Uber’s global expertise in running efficient marketplaces with foodpanda’s extensive reach in Taiwan and its relationships with beloved local brands.”

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