Uber proposes $11.6 billion bid for Delivery Hero as Prosus, led by South African billionaire Koos Bekker, trims stake

While Prosus, the global internet investor led by South African billionaire Koos Bekker, has been steadily trimming its position in Delivery Hero SE to comply with European Union antitrust conditions, the global food delivery sector is once again drawing fresh takeover interest, this time from Uber Technologies Inc., which has proposed an €10 billion ($11.6 billion) offer for the German group as competition intensifies with DoorDash Inc. outside the United States.

Uber has approached Delivery Hero with an offer of €33 ($38.3) per share, according to people familiar with the matter. The Berlin-based company confirmed it had received an approach and said it remains focused on its ongoing strategic review. Uber, which already holds 20 percent of Delivery Hero, would need to commit €8 billion ($9.3 billion) to complete the acquisition under the current terms. It also holds options tied to an additional 5.6 percent of shares.

Shares rise on takeover speculation

The timing of Uber’s move comes as Delivery Hero weighs asset options under pressure from investors seeking clearer returns. Its shares have moved higher this year on speculation of consolidation activity across Europe’s food delivery market, where growth has slowed and operators are facing tighter margins. Delivery Hero stock closed at €33.59 on Friday, up about 48 percent this year, reflecting both takeover speculation and expectations of portfolio changes.

Investor positioning remains central to any potential deal. Activist firm Aspex Management holds more than 14 percent and has pushed for asset sales and structural changes. Uber, meanwhile, has been in discussions with several shareholders and is working with advisers, including Morgan Stanley, to assess ways to increase its influence in the company through additional share purchases and derivatives.

Earlier reports indicated Uber’s initial offer faced resistance, with some investors arguing that any deal should exceed €40 per share. Delivery Hero shares rose 1.9 percent in the latest session, reflecting that divide between current pricing and expected valuation in a competitive bidding process. DoorDash has also shown interest in parts of Delivery Hero’s business, including its Middle East unit Talabat, although it has not submitted a formal bid.

EU antitrust forces Prosus divestment

At the same time, Prosus has been stepping back from its position in Delivery Hero under regulatory pressure. The Amsterdam-based group, chaired by South African billionaire Koos Bekker, now holds 17 percent of the company, down from 26.3 percent earlier in the year. The reduction follows requirements tied to European Commission approval of its acquisition of Just Eat Takeaway.com NV, which required Prosus to scale down overlapping exposure in the sector.

Prosus completed two major disposals in recent months, including a 5 percent stake sale to Aspex Management and a 4.5 percent sale to Uber, moves designed to comply with antitrust conditions while rebalancing its food delivery investments. The company has since shifted attention to integrating Just Eat Takeaway.com, with management targeting improved revenue performance and more stable earnings as competition across Europe remains tight.