Koos Bekker-led Prosus wins more time for Delivery Hero sale following rejected $11.6B Uber bid

The European Commission plans to extend a critical divestment deadline for Prosus NV to October 11, according to people familiar with the matter. The decision grants the internet investor, led by billionaire Koos Bekker, additional time to counter a potential takeover attempt of Delivery Hero SE by Uber Technologies Inc.

Without the extension, Amsterdam-listed Prosus faced a mid-August deadline to unwind its remaining holdings in the German food delivery platform. Regulators previously mandated the sale as an antitrust condition following the acquisition of rival Just Eat Takeaway.com, but the fast-moving market has altered the regulatory math.

Prosus seeks more time as Uber pursues Delivery Hero deal

The extra time allows Prosus to evaluate its options after Delivery Hero rejected a €10 billion ($11.6 billion) buyout offer from Uber. Instead of selling down, Prosus could potentially increase its stake to block the US ride-hailing giant from gaining control of the business.

Prosus has actively lobbied European Union officials to drop the divestment requirement entirely, aiming to prevent its shares from falling into Uber’s hands. While the European Commission and Prosus both declined to comment on the matter, Brussels confirmed it is reviewing the investor’s formal request.

A policy shift would mark a rare concession from EU regulators, who typically police digital market competition with a heavy hand. However, European policymakers are increasingly wary of the region’s reliance on American technology firms, making a deal that protects a domestic platform more politically palatable.

Uber’s Delivery Hero stake nears level that could force takeover bid

Uber has steadily amassed a 25 percent voting stake in Delivery Hero, fueled partly by the regulatory pressure forcing Prosus to sell. Under German capital market rules, if Uber’s stake reaches the 30 percent threshold, it will trigger a mandatory takeover offer for the entire Berlin-based food delivery company.

Prosus has already reduced its Delivery Hero stake to 17 percent, down from 26.3 percent earlier this year, to satisfy the European Commission. These compliance steps included a 5 percent block trade to Aspex Management and a separate 4.5 percent disposal directly to Uber, which ironed out overlapping market exposure.

The corporate standoff highlights a broader battle inside Europe’s consolidating tech sector, where Prosus is now dug in. Management argues that forced sales are no longer necessary, especially as the rejected €33-per-share Uber proposal shows foreign competitors are eager to dominate the region’s food delivery industry.