Uber Technologies Inc. has proposed to acquire German food delivery company Delivery Hero SE in a deal valuing the latter at approximately €10 billion ($11.6 billion). Uber aims to intensify its competition with DoorDash Inc. in markets outside the United States.

Berlin-based Delivery Hero stated in an announcement on Saturday that it received an offer from Uber at €33 per share and emphasized that the company "remains fully committed to its strategic review process." This offer price is slightly above Delivery Hero's closing price last Thursday.

According to the terms, Uber, which already holds a 20% stake in Delivery Hero, would need to pay around €8 billion. The U.S. company disclosed last Monday that it also holds options for an additional 5.6% stake.

Under pressure from shareholders, Delivery Hero has been conducting a strategic review of its assets. The global food delivery sector is consolidating amid slowing growth and intense competition, with several of Delivery Hero's European peers becoming targets for consolidation. DoorDash Inc., the leading player in the U.S. restaurant delivery market, agreed last year to acquire UK-based Deliveroo Plc. Several months earlier, Prosus announced plans to acquire Dutch company Just Eat Takeaway.com NV.