Taiwan has rejected Uber Technologies’ $950 million acquisition of Delivery Hero’s Foodpanda business on the island, citing anti-competition concerns, according to the Central News Agency (CNA).

The Fair Trade Commission plans to address the decision in a press conference later today.

The deal was announced in May and included Uber’s $300 million investment in newly issued shares of Delivery Hero. Uber anticipated the acquisition would boost its delivery business’s adjusted core profit by $150 million annually within a year of completion, initially expected by mid-2025.

The decision comes despite Foodpanda achieving break-even adjusted core earnings in Taiwan by March 2024. Both companies have yet to comment on the ruling.