Uber has become Delivery Hero's largest shareholder after increasing its stake to 19.5% plus 5.6% in options. The San Francisco-based company left the door open to a full takeover while stating no current plans to seek control of the German food delivery group, whose brands include Glovo, Foodpanda and Talabat.

The move signals continued consolidation in the global food delivery sector following DoorDash's £2.9bn acquisition of Deliveroo and Prosus's €4.1bn takeover of Just Eat Takeaway. Uber's stake gives it a blocking minority, allowing influence over capital increases and acquisitions. The company acquired the shares "opportunistically" from Prosus, which reduced its holding due to EU antitrust requirements.

Uber's investment comes as Delivery Hero founder Niklas Östberg prepares to leave by March next year, following years of shareholder pressure. The company's shares have dropped 70% over five years. Activist investor Aspex Management, holding 14.55%, called for operational streamlining and asset sales. Delivery Hero's stock rose 5.6% Monday, gaining over 50% this month.