Delivery Hero Shares Soar to 52-Week High as Uber Weighs Full Bid and Baemin Shifts Strategy

Delivery Hero's ten-session winning streak pushes stock to 52-week high as Uber's 25% voting stake and strategic overhaul fuel takeover speculation.

Delivery Hero has capped a stunning ten-session winning streak by storming to a new 52-week high of €35.50, more than doubling from the March trough of €14.99. The rally, which has added over 72% in the past 30 days alone, has been fuelled by a potent cocktail of takeover speculation, a strategic rethink in South Korea, and a long-awaited leadership succession plan.

The most powerful catalyst remains Uber’s creeping advance. The US ride-hailing giant now holds 19.5% of Delivery Hero directly, plus options on another 5.6%, giving it control of 25.1% of voting rights. Bloomberg reported that Uber is examining a full acquisition, a move that market watchers view as a classic M&A pattern: building a strategic stake just below the 30% mandatory-offer threshold. Uber has publicly stated it has no current intention to cross that line or influence board appointments, but the positioning has sent a clear signal to investors.

Delivery Hero is meanwhile in the midst of a deep corporate overhaul. Co-founder Niklas Östberg will step down as chief executive by the first quarter of 2027, with the board aiming to name a successor by the end of 2026. Until then, he will steer the portfolio review already underway, which includes a sale process for the South Korean subsidiary Baemin (Woowa Brothers). At the same time, management is accelerating a pivot away from heavy subsidies at Baemin towards platform monetisation, a move Bernstein Research has labelled positive. The unit is benefiting from government voucher programmes in South Korea and remains a key asset in the valuation debate.

Analysts have responded with cautious optimism. Bernstein retains an “outperform” rating but has kept its target at €28 – well below the current market price. UBS maintains a buy recommendation, pointing to market-share stabilisation in core geographies, while Citigroup lifted its price target on a sum-of-the-parts basis given the potential proceeds from portfolio sales.

Despite the relentless climb, the relative strength index sits at 27.9, a reading that typically signals oversold conditions, underscoring the unusual nature of the rally. Looking ahead, investors will watch Delivery Hero’s annual general meeting in June and second-quarter results in August. The overarching question remains whether Uber’s strategic stake will ripen into a full-blown takeover offer.