Taiwan’s Fair Trade Commission (FTC) has blocked Uber’s $950 million acquisition of Delivery Hero’s Foodpanda business due to anti-competition concerns.

The FTC argues that the merger would eliminate key competition, as UberEats and Foodpanda are the main rivals in Taiwan’s food delivery market, potentially leading to higher prices for consumers and increased commissions for restaurant operators.

The merger would give the combined companies a market share exceeding 90%, Reuters has reported.

Uber and Delivery Hero may appeal or terminate the deal, which was expected to boost Uber’s profits by $150 million annually.

Written by B.C. Begley