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Market Chatter: Uber, Naver Submit KRW8 Trillion Bid for Baedal Minjok Stake

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California-headquartered cab-hailing services provider Uber and South Korean internet company Naver formed an 80-20 consortium to submit a preliminary bid of up to 8 trillion won for Delivery Hero's stake in Baedal Minjok, Seoul Economic Daily reported Tuesday.

Naver's stake is capped at 19.9% to avoid business combination filing obligations under the Fair Trade Act, which are applicable when a large corporate group takes over 20% or more of a firm's shares, the report said.

Delivery Hero, the Germany-based food-delivery company, confirmed the transaction, saying Uber now owns 19.5% of the former's issued capital, with a further 5.6% in options, in a press release issued Monday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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