Uber Technologies more than doubled its stake in German food delivery firm Delivery Hero. The company now holds approximately 19.5% of issued capital. This position makes Uber the largest shareholder in the firm.
The increased holding is valued at approximately 1.7 billion euros. This investment secures Uber a potential blocking minority in future corporate decisions. Uber stated it does not currently intend to reach the 30% threshold that triggers a mandatory takeover offer.
Delivery Hero shares closed 5.6% higher following the announcement. Analysts view the move as a strong endorsement of Delivery Hero's strategic direction and asset base.