Overview
- Bloomberg reported on Friday that Uber has opened preliminary discussions about a full acquisition of Frankfurt-listed Delivery Hero and is working with advisers on ways to raise its holding.
- Uber disclosed earlier this week that it already owns 19.5% of Delivery Hero and holds options for a further 5.6%, a position it assembled quickly with help from Morgan Stanley using derivative instruments.
- In a filing with German regulators, Uber said it currently does not intend to push ownership past the 30% level that normally triggers a mandatory takeover offer or to change Delivery Hero’s capital structure or board beyond normal voting.
- Markets reacted modestly to the news, with Uber shares falling about 1.9% and DoorDash shares rising about 1.9%, while Delivery Hero’s stock has climbed roughly 110% over six months to a market value near €10.2 billion.
- The talks are at an early stage and may not lead to a deal, but any move would need shareholder cooperation and regulatory clearance and could reshape competition, local delivery partnerships, and pricing in markets outside the United States.