South Korea’s Fair Trade Commission (KFTC) has begun a preliminary review of Uber Technologies’ planned tender offer for all outstanding shares of Germany’s Delivery Hero, which indirectly controls Woowa Brothers, operator of Baedal Minjok, or Baemin, South Korea’s largest food-delivery app. Uber offered €41.50 per Delivery Hero share, valuing the equity at about $14.8 billion. The tender offer runs through Nov. 5, requires acceptance of at least 50% plus one share including Uber’s existing holdings, and Uber plans to complete the tender offer in November. The broader acquisition is targeted for completion in the second half of 2027, subject to regulatory approvals. With Prosus committed to tendering its 16.68% stake, Uber’s economic interest would reach about 53%. The KFTC is treating the transaction as a conglomerate merger between Uber’s taxi-hailing platform and Delivery Hero’s delivery platform. It will examine effects on competitors, consumers and merchants, including possible bundled memberships, cross-platform advertising and joint promotions. As of February, Kakao Mobility led South Korea’s taxi-hailing market with 13.58 million monthly active users, compared with Uber’s 650,000. Baedal Minjok led delivery apps in April with 23.4 million users, followed by Coupang Eats with 13.15 million and Yogiyo with 4.21 million. The deal would return Uber to South Korea’s food-delivery market after it exited Uber Eats in 2019.