Analysts at Jefferies have already warned that the overlap between Uber and Delivery Hero across 22 international markets could trigger extensive antitrust investigations, particularly in Europe.
Shares in Delivery Hero surged to their highest level in 18 months this week after reports emerged that Uber is considering a significantly higher takeover offer for the Berlin-based delivery giant. The dramatic market reaction has reignited speculation that the global food delivery industry is entering another intense phase of consolidation, where scale, logistics dominance and regional power are becoming more valuable than ever before.
Delivery Hero’s stock climbed by as much as 12.7 per cent during trading, lifting the company’s market valuation to roughly €11.5 billion. Investors responded enthusiastically to reports that Uber may raise its bid following resistance from major shareholders who reportedly rejected an earlier proposal worth €33 per share. Several investors are now believed to be seeking more than €40 per share, signalling confidence that the company’s strategic value extends well beyond its recent market price.
The takeover discussions come at a crucial moment for Delivery Hero. The company has spent much of the past two years under pressure from shareholders demanding improved profitability, operational restructuring and clearer strategic direction. Earlier this month, the company confirmed that chief executive and co-founder Niklas Ostberg plans to step down by March 2027, a move widely interpreted as part of a broader transition within the business.
Uber’s growing interest in Delivery Hero has not appeared overnight. The American technology group recently increased its stake in the German company from around 7 per cent to 19.5 per cent, instantly becoming its largest shareholder. In addition, Uber reportedly holds options linked to another 5.6 per cent stake, giving it even greater strategic influence over the future of the company.
Industry analysts believe the move reflects Uber’s ambition to strengthen its global delivery operations against increasingly aggressive competition. While Uber Eats remains one of the world’s largest food delivery platforms, profitability across the sector remains difficult to sustain without large-scale geographic reach and operational efficiency. Acquiring Delivery Hero would instantly provide Uber with stronger positions across Europe, the Middle East, Asia and Latin America, where Delivery Hero operates through brands such as Foodpanda, Glovo and Talabat.
The timing is equally significant because the global delivery market is changing rapidly. Investors who once rewarded fast expansion are now demanding sustainable margins and disciplined spending. This shift has forced major players to rethink their strategies. In recent months, several high-profile mergers and partnerships have reshaped the sector, and Uber’s pursuit of Delivery Hero could become one of the largest deals the industry has ever seen.
Yet the proposed transaction faces major regulatory complications. Analysts at Jefferies have already warned that the overlap between Uber and Delivery Hero across 22 international markets could trigger extensive antitrust investigations, particularly in Europe. Competition authorities are likely to scrutinise whether a merger would reduce consumer choice, weaken restaurant bargaining power or create unfair dominance in key metropolitan markets.
Despite those concerns, investors appear increasingly convinced that consolidation is inevitable. Food delivery companies have struggled for years with razor-thin margins, expensive courier networks and fierce discount-driven competition. Combining operations could help reduce overlapping costs, improve delivery efficiency and strengthen negotiating leverage with restaurants and grocery partners.
Delivery Hero’s recent operational performance has also strengthened its bargaining position. The company reported stronger-than-expected quarterly gross merchandise value growth earlier this year and indicated that annual earnings could reach the upper end of previous guidance. Management has continued emphasising investment in artificial intelligence, logistics optimisation and rapid grocery delivery as key pillars of future growth.
For Uber, the acquisition would represent more than a simple expansion of its delivery business. It would also reinforce the company’s broader ambition to become a dominant “everyday services” platform, integrating transport, food delivery, groceries and retail into a single consumer ecosystem. Delivery Hero’s international infrastructure could accelerate that strategy dramatically.