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Uber Attempts Takeover for Germany’s Delivery Hero SE
May 25, 2026
Uber has made a takeover approach for Delivery Hero SE at €33/share, implying a total valuation of around €10bn ($11.6bn). The offer price carries virtually no premium, just three cents above Delivery Hero’s last closing price before talks were reported. The offer has reportedly been rejected, with some investors holding out for over €40/share. Uber already owns 20% of the German food delivery company, plus options on a further 5.6%, meaning its net outlay for the remaining stake would be roughly €8bn. The move is part of a broader consolidation wave in global food delivery, driven by slowing growth and intensifying competition. Analysts say that Uber’s bid appears motivated by a desire to scale up internationally and compete more aggressively outside the US. Bloomberg analysts suggested Delivery Hero could fetch $15–18bn in a full deal, noting it would significantly expand Uber’s presence in emerging markets. However, the path to a deal faces several hurdles — key shareholders which include Prosus (~17%) and activist investor Aspex Management (~14%), have been pushing for higher valuations and asset sales. DoorDash has separately expressed interest in Delivery Hero’s Middle East unit, Talabat, potentially complicating or spurring competing bids. Uber is working with advisers, to explore ways to increase its stake, though antitrust approvals may be required beyond certain ownership thresholds.
Uber’s dollar bonds traded stable. Its 4.3% 2030s were at 98.7, yielding 4.7%
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