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German food delivery giant Delivery Hero has confirmed it received a formal takeover offer from U.S. rival Uber, in a deal that would value the company at 33 euros ($38.29) per share and dramatically reshape the global food delivery landscape.

The proposal comes after Uber quietly increased its stake in Delivery Hero to approximately 19.5%, making it the company’s largest shareholder with a position worth around €1.7 billion.

Delivery Hero said the offer represents a modest discount to its recent share price, and the company is currently focused on a broader strategic review. CEO Niklas Östberg recently announced he would step down amid pressure from major shareholders.

This surprise move by Uber signals an aggressive push to consolidate power in the fiercely competitive food delivery sector. Delivery Hero operates in dozens of countries and has built a strong presence in Europe and emerging markets, while Uber continues expanding beyond ride-sharing into food and other services.

If successful, the acquisition would create a dominant global player, potentially reshaping competition, pricing, and innovation in an industry already under pressure from high operational costs and thin margins.

For investors and consumers alike, this development raises intriguing questions: Could a combined Uber-Delivery Hero empire lead to better service and lower fees, or would reduced competition result in higher prices and less choice? The coming weeks will be critical as Delivery Hero evaluates the offer amid its ongoing strategic review.

The bid also highlights how major tech and delivery platforms are increasingly looking to merge rather than compete head-to-head in a maturing market.