Food delivery companies have developed a craving for currywurst. Delivery Hero on Wednesday announced plans to start delivering restaurant meals and groceries in Germany, little over two years after it quit the market. Uber Technologies also wants a slice of German takeaway orders. The food fight is good for consumers but ominous for shareholders.
Delivery Hero’s quest for second helpings in Germany looks odd in many ways. To end a cash-draining price war with Takeaway.com, now called Just Eat Takeaway.com, the 28 billion euro group in December 2018 announced it was selling its German unit to its rival for 930 million euros. It seemed a rare outbreak of financially rational behaviour in a global industry which has spent billions of dollars to sign up diners, drivers and restaurants.
The Japanese trading house may take southeast Asia-focused IHH private, per Bloomberg. It fits the commodity giant’s search for steadier revenue but spending $9 bln for the 67% it doesn’t own would be a strain. Outside partners can help it keep its healthcare hopes in good shape.
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CEO Masayoshi Son touted the Vision Fund’s 30% internal rate of return for backers including Saudi Arabia. It s driven by unrealised profit on recently floated companies like Coupang and DoorDash. Unwinding just one quarter of valuation uplift would take the IRR down nearer 10%.