Uber Technologies, Inc. (NYSE:UBER) is exploring options for a full takeover of Delivery Hero SE (XTRA:DHER), people familiar with the matter said, a move that would help it better compete with DoorDash Inc. outside the US. The ride-hailing giant this week disclosed it had boosted its stake in Frankfurt-listed Delivery Hero. It?s working with advisers to study ways to increase its holding further, according to the people.
Uber has also been speaking to other investors in Delivery Hero about its interest in a deal, they said. On May 18, 2026, Uber said it owned 19.5% of Delivery Hero after acquiring additional shares and instruments, as well as a further 5.6% in options. Morgan Stanley has helped Uber rapidly build its stake using derivatives, the people said, asking not to be identified because the information is private.
Uber said this week that while it ?currently? had no intention to lift its stake to 30% or more, it periodically reviews investments and could buy more if there?s an attractive opportunity. San Francisco-based Uber may need to seek antitrust approval before crossing certain ownership thresholds, one of the people said.
Deliberations are ongoing and there?s no certainty they will lead to a deal, according to the people. Representatives for Uber and Morgan Stanley declined to comment. A spokesperson for Delivery Hero didn?t immediately provide comment.
Delivery Hero?s other large shareholders include Prosus NV with around 16.8% and Aspex Management with roughly 14.4%, data compiled by Bloomberg show. Morgan Stanley has a 30% interest in Delivery Hero, held mostly through equity swaps, according to a regulatory filing.
