(LEAD) Naver-delivery app acquisition
(LEAD) Uber increases stake in Delivery Hero, becomes largest shareholder
(ATTN: CHANGES headline, lead; RECASTS throughout with updates)
SEOUL, May 19 (Yonhap) -- Uber has acquired an additional stake in Delivery Hero, becoming the company's largest shareholder, according to the German company Tuesday.
The Berlin-based delivery platform said in a release that Uber has increased its holdings to 19.5 percent of issued capital, with a further 5.6 percent in options.
"Delivery Hero welcomes Uber's additional investment as a further endorsement of its platform and Everyday App strategy," the company added.
Uber does not intend to increase its stake in Delivery Hero to 30 percent, media reports said, citing the company's regulatory filing.
The additional investment from the U.S. ride-hailing app comes amid local reports saying that Uber and South Korea's Naver Corp. are seeking to take control of Baedal Minjok, the largest food delivery app in the country.
The app's operator, Woowa Brothers, is owned by Delivery Hero.
Earlier in the day, Naver said it has yet to reach a decision on the acquisition in a regulatory filing, but noted the company is "exploring various options to strengthen business competitiveness."
Uber and Naver are reportedly seeking to form an 8-to-2 consortium and are said to have proposed to Delivery Hero 8 trillion won (US$5.37 billion) to purchase its entire stake in Woowa Brothers.
The German company is reportedly seeking to sell Woowa Brothers and is said to have appointed JP Morgan Chase & Co. as the sales adviser.
Delivery Hero acquired an 87 percent stake in Woowa Brothers for about US$4 billion in 2019.
The logo of Naver Corp. as provided by the company (PHOTO NOT FOR SALE) (Yonhap)
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