Taiwan’s antitrust 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.

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

Uber Technologies (UBER) stock is lower today, after Taiwan blocked its acquisition of food delivery business foodpanda