Taiwan has blocked Uber Technologies’ planned takeover on anticompetition concerns, thwarting the U.S. company’s efforts to expand in Asia.

Taiwan’s anti-trust 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.

Uber stock was lower after regulators in Taiwan blocked its plan to acquire a competitor in the market for $950 million.