Online food delivery firm Delivery Hero has bought a 5.09% stake in its rival Deliveroo. Shares of Deliveroo rose to their highest since listing on the stock market in March
, driving the British company's share price to its highest since listing on the stock market in March.
have benefited from a surge in demand during pandemic lockdowns, but some analysts question how much of that business will persist as restaurants reopen. Despite a jump in sales Delivery Hero and Deliveroo continue to make losses. Founded in 2011, Delivery Hero operates in about 50 countries worldwide, with particular strength in Asia, where it owns the foodpanda brand.The Delivery Hero's logo is pictured at its headquarters in Berlin, Germany, August 18, 2020. REUTERS/Fabrizio Bensch/File PhotoIn many countries it offers quick commerce, using its riders to deliver groceries, pharmaceutical products and electronics alongside restaurant food.
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