Delivery Hero SE shares fell the most in two weeks in the first day of trading after Taiwan blocked the sale of its subsidiary there to Uber Technologies Inc.

Delivery Hero tumbled on Friday after the sale of its Taiwan subsidiary to Uber Technologies was blocked. The Taiwan Fair Trade Commission ruled that the proposed takeover of Foodpanda could reduce competition.

Uber Technologies Inc. said it remained committed to Taiwan after the island’s anti-trust regulator rejected its plan to buy Delivery Hero SE’s Foodpanda business on the island for $950 million.

M purchase of Delivery Hero’s (DLVHF) Foodpanda business over concerns it would be anti-competitive, Reuters reports. Delivery Hero said in a statement Uber may appeal the commission’s decision or terminate the acquisition.

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

Uber and German food delivery firm Delivery Hero announced the Taiwan deal in May. Read more at straitstimes.com.

"Taiwan FTC halts Uber’s Foodpanda deal over competition issues" was originally created and published by Verdict Food Service, a GlobalData owned brand.

The acquisition would have been one of Taiwan's largest outside of the chip industry, marking a retreat for Delivery Hero from Asia

Uber and Delivery Hero announced the Taiwan deal in May, which also included a separate agreement for Uber to purchase $300 million worth of newly issued shares of the German food delivery firm

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.