Delivery Hero’s AGM Looms as Stock Hits New Highs and Institutional Investors Shift Positions

Delivery Hero stock rallies 87% in 30 days ahead of AGM where Uber's 24.99% stake, bank hedging, and Baemin sale take center stage.

Delivery Hero’s annual general meeting on 23 June is set to be far more than a routine shareholder event. The Berlin gathering takes place with the stock trading at 38.75 euros, just 3.1% shy of its 52-week high, after a staggering 87.56% rally over the past 30 days alone. But behind the headline gains, a multi-layered battle for control is unfolding — one that pits a creeping Uber bid against derivative repositioning by Wall Street banks and a management succession timeline that runs through March 2027.

Uber now holds 24.99% of the Berlin-based food delivery group, a hair below the 25% threshold that under German law grants a blocking minority. The ride-hailing giant has already made two indicative offers — at 33 euros and 38 euros per share — both rejected by Delivery Hero. Major shareholders Prosus and Aspex Management are demanding at least 40 euros, a level that Uber has so far refused to match. Instead, Uber bought its stake from Aspex at a price just under 40 euros, positioning itself without triggering a mandatory offer, which would only become compulsory if its holding crosses 30%.

Goldman Sachs and JPMorgan Chase, meanwhile, have quietly trimmed their reported positions. Goldman’s total stake dropped from 15.12% to 13.77% as of 1 June, with only 0.73% held in direct voting rights and the remainder via call options, swaps and repurchase agreements. JPMorgan’s position fell from 6.68% to 4.71% as of 2 June, structured similarly with 0.47% direct and 4.24% via financial instruments. These reductions appear to reflect hedging adjustments rather than outright share sales, but they come at a time when the stock’s technical indicators flash warning signals: the relative strength index stands at 76.7, the 200-day moving average sits 72.44% below the current price, and 30-day annualized volatility has surged to 69.19%.

The corporate agenda is equally eventful. Delivery Hero is pressing ahead with the sale of its Korean subsidiary Baemin, targeting around 4.6 billion euros. Teaser documents distributed by JPMorgan have gone to Uber, Naver, Alibaba Group and DoorDash. The US rival DoorDash is not only bidding for Baemin but has also signaled interest in a partial acquisition of the Middle East and North Africa business — the crown jewel of Delivery Hero’s portfolio. The divestiture push is driven by a debt pile of roughly 6.1 billion euros at the end of 2025, which the company describes as part of a “comprehensive strategic review” of its assets.

Operationally, the business is holding up well. First-quarter 2026 revenue climbed 17.8% to 3.7 billion euros. The quick-commerce segment expanded 30% and now contributes nearly one-fifth of total gross merchandise value. Management has guided for full-year adjusted EBITDA in the upper half of the 910-to-960-million-euro range.

At the AGM, relations with key shareholders will be tested. One major investor is pushing to remove CEO Niklas Östberg, who is already set to leave by end of March 2027. Prosus, a large holder, is unable to vote its shares because they are managed by a trustee — a dynamic that shifts influence toward Uber. However, a potential regulatory reprieve from the European Commission may alter the timeline: Brussels is planning to extend the deadline for Prosus to reduce its Delivery Hero stake until October, rather than requiring a sharp cut by mid-August that would have eased the path for Uber.

For now, the stock trades near 39 euros, up about 70% since the start of the year. The next decisive moves will depend on whether further institutional stake disclosures emerge and how the AGM reshapes the balance of power. The rally has momentum, but as the derivative unwind at Goldman and JPMorgan shows, not all large holders are betting on a straight line higher.