Uber launched a takeover bid for Delivery Hero on Thursday, giving the German firm a $14.8 billion equity value in a move that would create the largest food-delivery group outside China as competition with US and European rivals heats up.

Uber's $11.6B bid for Delivery Hero could reshape global food delivery and create new opportunities for crypto payment integration in emerging markets.

Delivery Hero confirmed on Tuesday that it is engaged in discussions with the ride-hailing and food-delivery behemoth regarding a potential takeover offer