The ride-hailing giant has been making acquisitions overseas to strengthen its position internationally
Published Sat, May 23, 2026 · 03:42 PM
[SAN FRANCISCO] Uber Technologies is exploring options for a full takeover of Delivery Hero, people familiar with the matter said, a move that would help it better compete with DoorDash outside the US.
The ride-hailing giant this week disclosed it had boosted its stake in Frankfurt-listed Delivery Hero. It is working with advisers to study ways to increase its holding further, according to the people. Uber has also been speaking to other investors in Delivery Hero about its interest in a deal, they said.
On May 18, Uber said it owned 19.5 per cent of Delivery Hero after acquiring additional shares and instruments, as well as a further 5.6 per cent in options. Morgan Stanley has helped Uber rapidly build its stake using derivatives, the people said, asking not to be identified because the information is private.
Shares in Delivery Hero have risen almost 50 per cent in Frankfurt trading this year, giving the company a market value of around 10.2 billion euros (S$15.1 billion). Uber fell as much as 3.1 per cent in New York trading on Friday (May 22) to hit the lowest intraday level in more than a month.
Uber said this week that while it “currently” had no intention to lift its stake to 30 per cent or more, it periodically reviews investments and could buy more if there’s an attractive opportunity.
San Francisco-based Uber may need to seek antitrust approval before crossing certain ownership thresholds, one of the people said. Deliberations are ongoing and there’s no certainty they will lead to a deal, according to the people.
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Representatives for Uber and Morgan Stanley declined to comment. A spokesperson for Delivery Hero did not immediately provide comment.
Delivery Hero’s other large shareholders include Prosus with around 16.8 per cent and Aspex Management with roughly 14.4 per cent, data compiled by Bloomberg show. Morgan Stanley has a 30 per cent interest in Delivery Hero, held mostly through equity swaps, according to a regulatory filing on Friday.
Evaluating options
Wolfgang Specht, an analyst at Berenberg, wrote in a note that the investment case for Delivery Hero may have materially changed after Uber upped its holding. Specht wrote that it now seemed prudent to include a value for scenarios including a potential takeover.
Uber has been making acquisitions overseas to strengthen its position internationally, where hometown rivals like DoorDash are making similar moves. Delivery Hero’s presence in more than 60 countries could help Uber have a better view into markets where it is behind DoorDash’s Wolt unit, which is focused on Europe.
Berlin-based Delivery Hero, meanwhile, has been evaluating options to improve its finances and operations as investors push the company for a strategic review. Chief executive officer Niklas Östberg has decided to step down after pressure from activist Aspex, which had urged him to sell assets or leave.
Delivery Hero is not the only German company that has seen a potential acquirer swiftly build a stake with the help of derivatives. Italian lender UniCredit took a similar approach to amass a significant minority holding in Commerzbank before making a full takeover bid; this was done through trades that Morgan Stanley helped execute.
The US bank also helped Saudi Telecom build a nearly 10 per cent stake in Spain’s Telefonica in 2023. BLOOMBERG
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