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MarketScreener Homepage  >  Equities  >  Xetra  >  Delivery Hero SE    DHER   DE000A2E4K43

DELIVERY HERO SE

(DHER)
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South Korean restaurant owners voice concerns over $4 billion Delivery Hero deal

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01/05/2020 | 11:40pm EST
FILE PHOTO:  The Delivery Hero headquarters is pictured in Berlin

South Korean restaurant owners expressed concern on Monday over food delivery giant Delivery Hero's proposed $4 billion acquisition of its local rival, saying the move could undermine competition and lead to higher fees.

Delivery Hero, the second-largest food delivery app operator in South Korea, said last month that it agreed to buy larger rival Woowa Brothers backed by Goldman Sachs in a deal subject to antitrust approval.

The combination of the two giants would create an entity with a combined market share of nearly 99% in food delivery apps, according to data from mobile big data platform IGAWorks.

Restaurant owners, already struggling with the slowing economy, raised concerns that the dominant player would raise commissions that it charges restaurant owners for taking orders via their apps.

"The biggest problem is that the companies can move the market to whatever direction they want to," said Kim Kyung-moo, who runs a franchise restaurant, said at a news conference at the parliament.

Restaurant owners, food delivery riders and lawmakers urged the fair trade commission to thoroughly review the potential merger, which they said could also limit consumer choices.

A spokesman at Woowa Brother told Reuters that the firm is not planning on increasing commission fees.​​​​​​

South Korea, with a dense population and high smartphone use, is the world's fourth biggest market for online food orders, with an annual value of $5.9 billion.

Berlin-bgased Delivery Hero last week submitted an application to the Korea Fair Trade Commission (KFTC) for an approval, an official at the antitrust regulator said, declining to comment further as a review is in progress.

In 2009, the watchdog approved U.S. online commerce firm eBay Inc's deal to acquire local rival Gmarket in South Korea on the conditions that there would be a ban on raising sales commissions for the next three years.

(Reporting by Heekyong Yang; Editing by Hyunjoo Jin & Kim Coghill)

By Heekyong Yang

Stocks treated in this article : eBay Inc., Goldman Sachs Group Inc., Delivery Hero SE
Stocks mentioned in the article
ChangeLast1st jan.
DELIVERY HERO SE 1.67% 80.28 Delayed Quote.11.96%
EBAY INC. 0.18% 37.73 Delayed Quote.4.87%
GOLDMAN SACHS GROUP INC. 0.25% 234.98 Delayed Quote.1.43%
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Financials (EUR)
Sales 2019 1 249 M
EBIT 2019 -508 M
Net income 2019 -15,6 M
Finance 2019 552 M
Yield 2019 -
P/E ratio 2019 266x
P/E ratio 2020 -27,5x
EV / Sales2019 12,0x
EV / Sales2020 6,49x
Capitalization 15 552 M
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Mean consensus BUY
Number of Analysts 15
Average target price 78,55  €
Last Close Price 79,00  €
Spread / Highest target 20,3%
Spread / Average Target -0,56%
Spread / Lowest Target -32,9%
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Managers
NameTitle
L. Niklas Östberg Chief Executive Officer
Martin Karl Enderle Chairman-Supervisory Board
Pieter-Jan Vandepitte Chief Operating Officer
Emmanuel Thomassin Chief Financial Officer
Christian Graf von Hardenberg Member-Supervisory Board & CTO
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