Uber Slows Expansion

Uber has paused the majority of its planned food delivery expansion in Europe just months after announcing the plans as the ride-sharing company continues to pursue a takeover of Delivery Hero, the Financial Times reported on Sunday. Uber no longer plans to launch food delivery in five of the seven countries it had targeted for expansion this year, including Austria, Norway and Greece, the report said. It did not identify the other two countries. Earlier in the year, Uber said it planned to expand its food delivery business into seven new European markets — Austria, Denmark, Finland, Norway, the Czech Republic, Greece and Romania. 

The company expected the move to generate an additional $1 billion in gross bookings over the next three years. Delivery Hero said in May it had received a €33-per-share offer from Uber, and Reuters reported that the US company had raised its stake in the German food delivery company to nearly 37 percent from 25 percent after buying a stake from fellow shareholder Aspex Management. (Agencies)