Berlin, May 22, 2026, 20:04 (CEST)
Uber Technologies is exploring options for a full takeover of Delivery Hero, Bloomberg News reported on Friday, a move that would mark a sharp escalation in the U.S. group’s push into global food delivery. Uber shares fell after the report, and the company did not immediately respond to Reuters’ request for comment; Delivery Hero said it could not comment on Uber’s plans.
The timing matters. Uber only this week disclosed that it had lifted its stake in the Frankfurt-listed company to 19.5% from roughly 7%, making it Delivery Hero’s largest shareholder, with options over a further 5.6% of shares. A rise to 30% would trigger a mandatory offer for the rest of the company, a filing showed.
A full bid would also land in a market already being carved up by a few big players. DoorDash won EU approval last year to buy Deliveroo, while Prosus secured conditional clearance for its €4.1 billion purchase of Just Eat Takeaway after agreeing to reduce its Delivery Hero holding.
Bloomberg said Uber was working with advisers, had spoken to other Delivery Hero investors and had used Morgan Stanley’s help to build its position quickly through derivatives, financial contracts tied to shares rather than simple stock purchases. Deliberations are continuing and may not lead to a deal, the report said.
Delivery Hero welcomed Uber’s latest investment earlier in the week as an endorsement of its platform and “Everyday App” strategy, its effort to sell more daily-use services beyond restaurant meals. The Berlin company says it operates in around 65 countries across Asia, Europe, Latin America, the Middle East and Africa. Delivery Hero
Analysts read the stake build as more than a passive wager. JPMorgan analysts said the move was a “clear endorsement” of Delivery Hero’s asset base, while Wolfgang Specht at Berenberg wrote that the investment case may have “materially changed” and takeover scenarios now deserved to be priced in. Investing.com
The share move has already changed the boardroom math. Delivery Hero’s other big holders include Prosus, at 16.8%, and activist investor Aspex Management, which raised its stake to about 15% this month and has pushed for asset sales and leadership change. Aspex founder Hermes Li said the firm had increased its stake because of its “belief in the value upside.” Reuters
Delivery Hero is already in transition. The company said on May 12 that co-founder and Chief Executive Niklas Östberg would hand over the role by March 31, 2027, while staying on through a strategic review and related M&A work. Östberg said it was the “right moment” to begin handing the company to its next chapter. Delivery Hero
The market reaction was mixed. Uber shares were down 1.6% in New York on Friday after the Bloomberg report, Reuters said. Delivery Hero has risen almost 50% in Frankfurt trading this year, giving it a market value of about €10.2 billion, Bloomberg reported.
There is an obvious brake: regulators. Uber scrapped a $950 million bid for Delivery Hero’s Foodpanda Taiwan business last year after Taiwan blocked the transaction on competition grounds, saying the deal could lift Uber’s local market share to about 90% and lead to higher prices.
Crossing ownership thresholds in Europe could also require antitrust approval, Bloomberg reported. A broader takeover would be larger, more complex and more politically exposed than a minority stake, especially with food delivery already under EU scrutiny after past competition cases.
Even without a full deal, Uber’s position gives it a stronger voice at Delivery Hero before a June 23 annual meeting. The question for investors is whether that voice stays financial, or becomes the opening move in a bid to match DoorDash and Prosus abroad.
