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Uber Raises Stake to 19.5%, Mulls €10.2B Delivery Hero Takeover

5/23/2026

50 8 Full Breakdown

Summary

Uber Eyes Takeover

Uber is exploring a takeover of Delivery Hero SE after raising its stake to 19.5% on May 18.
Uber’s 5.6% option and Morgan Stanley’s 30% equity-swap interest stem from a stake built with derivatives.
Delivery Hero’s market value is about €10.2 billion after shares rose nearly 50% this year, with CEO Niklas Östberg quitting after activist Aspex pressure.
Uber’s stock fell 3.1% in New York on May 22, a move that may require antitrust clearance.

Summary

Uber Blocked

Regulators blocked Uber’s planned purchase of Delivery Hero’s foodpanda Taiwan business in late 2024, underscoring antitrust hurdles.
The European Commission forced Prosus to cut its Delivery Hero stake, enabling Uber to buy a 4.5% block for €270 million.
Delivery Hero’s board is weighing a total sale or split-off of its Middle Eastern and South Korean divisions, which would need antitrust approval in multiple jurisdictions.

History

Historical Context

In 1999 the European Commission blocked Microsoft’s €2 billion acquisition of Intuit, imposing a €497 million fine and forcing the divestiture of Microsoft’s 5 % stake. Today the Commission is reviewing Uber’s 19.5 % share in Delivery Hero and its €270 million purchase of a 4.5 % block, echoing the same antitrust caution for platform-scale deals across Europe and Asia.

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Uber Eyes Takeover

Uber is exploring a takeover of Delivery Hero SE after raising its stake to 19.5% on May 18.
Uber’s 5.6% option and Morgan Stanley’s 30% equity-swap interest stem from a stake built with derivatives.
Delivery Hero’s market value is about €10.2 billion after shares rose nearly 50% this year, with CEO Niklas Östberg quitting after activist Aspex pressure.
Uber’s stock fell 3.1% in New York on May 22, a move that may require antitrust clearance.

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