March 2, 2020 / 8:15 AM / a month ago

Just Eat Takeaway takes action against Delivery Hero over stake

Signage for Just Eat is seen next to Uber Eats and Deliveroo advertisements on the window of a restaurant in London, Britain, August 5, 2019. REUTERS/Toby Melville/Files

LONDON (Reuters) - Online food delivery company Just Eat Takeaway said on Monday it had started arbitration proceedings against a move by rival Delivery Hero to increase its stake in the company because it said it broke a standstill undertaking.

German-based Delivery Hero said last month it had entered into an agreement to acquire 8.4 million shares in Just Eat Takeaway for 798 million euros ($881 million), financed by a multi-year equity collar transaction, which included about 400,000 shares it acquired when it sold its German food delivery businesses to last year.

($1 = 0.9055 euros)

Reporting by Paul Sandle; editing by Kate Holton

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