06:29 AM EST, 12/26/2024 (MT Newswires) -- Uber Technologies' ( UBER ) $950 million acquisition of Foodpanda's Taiwan delivery business has been blocked on anti-competition grounds by the country's antitrust regulator, news outlets reported Thursday, citing a statement.

Taiwan's Fair Trade Commission said in the statement Wednesday that Foodpanda accounts for the main competition to Uber's ( UBER ) food services, and allowing the two companies to merge would motivate Uber ( UBER ) to raise prices, the Wall Street Journal reported.

The commission also said that a merger would also raise the barrier for other competitors to enter the market, the Journal reported.

Uber ( UBER ) did not immediately reply to MT Newswires' request for comment.