By Ian Walker

Delivery Hero shares rose in early trade after the company said it is selling its Foodpanda business in Taiwan to Uber as part of the German company's plan to focus on parts of the business that have a larger impact.

Shares at 0731 GMT were up 20% at EUR30.41.

The German food-delivery company said Tuesday that it is selling the business to Uber for $950 million, and that the San Francisco-based company will also buy $300 million of its shares.

The sale is expected to close in the first half of next year, subject to regulatory and other conditions being met.

Write to Ian Walker at

(END) Dow Jones Newswires

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