Uber Technologies Inc. has proposed acquiring Delivery Hero SE at €33 ($38) a share, representing a significant move in the competitive food delivery landscape. The bid values the European delivery service at approximately €3.5 billion based on current share prices. This strategic acquisition would immediately expand Uber's presence in international markets where it currently faces strong competition.

The proposed deal positions Uber to better challenge DoorDash Inc. outside the US market, where DoorDash has established a dominant position. By acquiring Delivery Hero, Uber would gain access to established delivery networks across Europe and Asia, potentially creating a more formidable global competitor to DoorDash's international ambitions.

Market analysts view this bid as Uber's latest effort to diversify its revenue streams beyond ride-hailing, which has faced regulatory challenges and slower growth. The food delivery segment represents a high-growth area with better margins than traditional transportation services. This acquisition would reshape the competitive dynamics in the global food delivery industry if successful.