00:02Uber has paused most of its planned food delivery expansion in Europe, according to Reuters.
00:07The company no longer plans to launch food delivery in five of the seven countries it
00:11targeted this year, including Austria, Norway, and Greece.
00:15Earlier this year, Uber said it planned to expand into Austria, Denmark, Finland, Norway,
00:20the Czech Republic, Greece, and Romania.
00:23It expected the move to generate an additional $1 billion in gross bookings over three years.
00:28Uber is still seeking to acquire Delivery Hero, according to the report.
00:33Delivery Hero said it received a €33 per share offer from Uber in May, while Reuters reported
00:38Uber raised its stake in the company to nearly 37% from 25%.
00:43Uber told the Financial Times that it paused the expansion after strong launches in Finland
00:48and Denmark and will focus on existing markets.
00:51The Financial Times reported the story on Sunday, but Reuters could not verify the report.
00:56Delivery Hero declined to comment, and Uber did not respond to requests for comment.
01:01For all things money, visit Benzinga.com.
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