Uber Technologies is contemplating a full acquisition of Delivery Hero SE, following its increased stake to 19.5%, making it the largest shareholder. This move could significantly alter the global food delivery market. Uber's stake rose from approximately 7% after purchasing a 4.5% block from Prosus for €270 million in April 2026. The company is now in discussions with other shareholders and advisers about further expanding its position. The strategic relationship between Uber and Delivery Hero dates back to 2024, when Uber acquired Delivery Hero's foodpanda operations in Taiwan for $950 million and made a $300 million equity investment. Delivery Hero is undergoing a leadership transition, with CEO Niklas Östberg stepping down by March 2027. Market reactions have been mixed, with Delivery Hero's shares rising nearly 10% on the news, while Uber's shares saw a slight decline. Regulatory challenges loom, as German takeover rules require a mandatory tender offer if Uber's stake exceeds 30%.