The U.S. platform has made a takeover offer for the Berlin-based group, raising questions over competition, valuation and the future shape of the global delivery market.

Uber has made a takeover offer for Germany’s Delivery Hero, valuing the Berlin-based food-delivery company at €33 per share, Delivery Hero confirmed on Saturday. The proposal comes only days after Uber lifted its stake in the company to about 19.5%, making it Delivery Hero’s largest shareholder.

The offer, however, may not be enough to settle the question of control. According to Reuters, the proposed price represents a slight discount to Delivery Hero’s most recent closing price, while separate reporting indicates that some investors are seeking a price above €40 per share.

The move places Delivery Hero at the center of a broader consolidation wave in the food-delivery industry. The company has been under shareholder pressure to review its strategy, and CEO Niklas Östberg recently announced he would step down. Delivery Hero has said it remains focused on its strategic review process, without providing further details on Uber’s approach.

Any transaction could have consequences beyond Europe. Delivery Hero controls major operations in the Middle East and Asia, including businesses such as Talabat, HungerStation and South Korea’s Baemin. Reuters reported that DoorDash has also sounded out investors about a possible bid, with particular interest in Delivery Hero’s Middle Eastern assets.

For Uber, a full takeover would strengthen its international delivery business and give it deeper exposure to fast-growing markets outside the United States. But the deal would likely attract close regulatory scrutiny, especially after previous food-delivery transactions faced competition concerns in Asia and Europe.

For now, the situation remains fluid. Uber’s offer has opened the door to a potential bidding contest, but Delivery Hero’s shareholders appear likely to push for a higher valuation before agreeing to any sale. The outcome could reshape the competitive map of food delivery across Europe, the Middle East and Asia.