Taiwan has blocked Uber Technologies’ planned takeover on anticompetition concerns, thwarting the U.S. company’s efforts to expand in Asia.

Taiwan’s anti-trust regulator rejected Uber Technologies Inc.’s plan to buy Delivery Hero SE’s Foodpanda business on the island for $950 million, arguing it would decrease competition in the fast-growing food-delivery industry.

Uber stock was lower after regulators in Taiwan blocked its plan to acquire a competitor in the market for $950 million.

Regulators in Taiwan blocked Uber's $950 million purchase of online food delivery and ordering platform Foodpanda.

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Taiwan has blocked Uber Technologies’ $950 million purchase of Delivery Hero’s Foodpanda business because of concerns it would be anti-competitive

Taiwan has rejected ride-hailing giant Uber's plan to buy Delivery Hero's Foodpanda on the island, stating on Wednesday that the deal would significantly harm market competition.

The Berlin-based company, which saw rapid expansion during the pandemic, has been scaling back and restructuring in response to pressure from activist investors. In early December, Delivery Hero spun off its Middle Eastern unit, Talabat Holding Plc, in Dubai’s biggest IPO of the year, raising $2 billion.

After Taiwan’s anti-trust regulator rejected Uber Technologies’ bid to acquire Delivery Hero’s Foodpanda, citing anti-competitive concerns, Bernstein reportedly said they remain unconvinced if Uber will win if it decides to appeal against the decision.