Uber now holds 36.83% of Delivery Hero after buying Aspex Management's stake, crossing the German takeover threshold. The move forces a decision: full bid or waiver.
Uber Technologies has raised its stake in Delivery Hero to 36.83% by acquiring the shares held by Aspex Management, according to a Bloomberg report. The purchase pushes Uber’s holding past the 30% threshold that triggers mandatory takeover rules under German law. That shift changes the strategic calculus for both companies.
Uber already owned a significant minority position in the Berlin-based food delivery platform. Buying Aspex’s stake adds roughly 3–4 percentage points, depending on the prior holding, and brings Uber to a level where it can block major corporate actions without a full majority. Under the German Securities Acquisition and Takeover Act, any shareholder crossing 30% must make a mandatory offer to all remaining shareholders unless an exemption is granted. Uber now sits above that line, giving it de facto control over the next move.
The 30% threshold is not a soft guideline. It forces the holder to either launch a full bid or seek a waiver from BaFin, the German financial regulator. Uber has not indicated which path it will take. A full bid would require financing and regulatory approval across multiple jurisdictions. It would also give Uber complete ownership of Delivery Hero’s global network. A waiver would allow Uber to retain its influence without the cost and complexity of a takeover. The market will watch for any filing or public statement from Uber in the coming weeks.
Uber’s core ride-hailing business generates cash. The company has long targeted food delivery as a second growth engine. Delivery Hero operates in more than 70 countries, including markets where Uber Eats is weak or absent. A larger stake gives Uber access to those markets without building its own infrastructure. For Delivery Hero, the increased concentration of ownership could compress the stock’s liquidity and raise the probability of a premium buyout. Rivals such as Just Eat Takeaway and DoorDash may face pressure to respond with their own consolidation moves.
AlphaScala’s proprietary data assigns Uber an Alpha Score of 42 out of 100, with a Mixed label. The score reflects the tension between Uber’s strong cash flow and the execution risk embedded in large strategic bets like this one. Traders tracking the story should monitor Delivery Hero’s share price for any convergence toward a potential bid level.
The immediate catalyst is Uber’s next disclosure. If the company files for a mandatory offer, the deal timeline and financing details will drive the stock. If it seeks a waiver, the market will interpret that as a signal that Uber prefers influence over ownership. Either outcome resets the risk-reward for both UBER and Delivery Hero shares. The sector-wide read-through is equally clear: food delivery consolidation is accelerating, and the companies with the strongest balance sheets are the ones doing the buying.
For more on Uber’s stock and broader market trends, see the UBER stock page and stock market analysis.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.