By Edith Hancock


The European Union gave Dutch tech investment group Prosus more time to comply with a requirement that it reduce its shareholding in Delivery Hero.

Prosus agreed to sell off most of its shareholding in the company in order to get its roughly $4.8 billion bid for Just Eat Takeaway approved by EU antitrust officials last year.

U.S. ride-hailing group Uber has been building up its own interest in Delivery Hero, and last week made a 10 billion euro ($11.66 billion) takeover approach for the German company. It now holds 36.83% of Delivery Hero's voting rights.

Officials had raised concerns that Prosus' move for Just Eat Takeaway could hinder competition in the EU's food delivery sector. They said in August that the deal could go ahead provided that Prosus--a subsidiary of South African investment group Naspers--sold a significant portion of its 27.4% stake in Delivery Hero within 12 months.

"Following a request from Naspers, we extended the deadline for the implementation of the remedies," a spokesperson for the EU's executive arm said Monday, without specifying the length of the extension. The company still has to comply with the commitments it offered, the spokesperson added.


Write to Edith Hancock at edith.hancock@wsj.com


(END) Dow Jones Newswires

06-01-26 1213ET