Adds CEO comment in paragraphs 7-9, details on rivals in paragraph 10, background and shares in paragraphs 15-17

By Christoph Steitz and Alexander Hübner

FRANKFURT/MUNICH, March 13 (Reuters) - A top Delivery Hero DHER.DE shareholder has threatened to push for a change of leadership unless the German online takeaway food group makes fast progress in an ongoing strategic review.

Aspex Management said in a letter addressed to Delivery Hero CEO Niklas Oestberg, which was seen by Reuters, that there had been little progress and warned of further value destruction if not enough is done by the company.

Hong Kong-based Aspex's comments add to pressure on Delivery Hero's management, which announced in December it would reassess its capital allocation and some country operations.

ASPEX QUESTIONS OWNERSHIP OF OVERSEAS BUSINESSES

Aspex said it doubted Delivery Hero was the best owner for selected businesses in Asia, the Middle East and Latin America, and that unless there was progress soon, it would "assess all legal courses of action available".

These included "initiating steps that aim at ultimately changing the leadership of the company", it added.

Aspex declined to comment on the letter, which was dated March 12.

Oestberg said in a statement in response to the letter that the management board and non-executive supervisory board were "fully aligned" on the ongoing strategic review.

"A number of processes and/or negotiations are currently being conducted and need to be handled with due care," the CEO added.

He said the share price performance did not accurately reflect what has been achieved, and that management was working diligently to improve profitability and operational performance.

DELIVERY HERO 'LESS PROFITABLE' THAN RIVALS, ASPEX SAYS

In its letter, Aspex said the group was less profitable than rivals Uber UBER.N, Grab GRAB.O, Doordash DASH.O and Meituan 3690.HK.

"Our expectation is that you will identify all those assets where Delivery Hero is not the best owner and operator, and the sale of such assets generates higher value for the company and for its shareholders ... than Delivery Hero continuing to operate such businesses," Aspex said.

The sale of individual country divisions or minority holdings would not "constitute a believable and acceptable" outcome of the review, Aspex added.

Aspex, Delivery Hero's third-largest investor with a 9.2% stake worth 474 million euros ($542 million), has been on the German company's shareholder register since 2020.

Delivery Hero's shares were down 0.6% at 1028 GMT.

The company attracted another activist investor's attention two years ago amid shareholder concerns about the group's debt and ability to generate enough cash from operations.

The founder of activist investor Sachem Head Capital Management won a seat on the food delivery group's supervisory board in 2024.

($1 = 0.8743 euros)

(Reporting by Christoph Steitz and Alexander Huebner; Writing by Ludwig Burger; Editing by Thomas Seythal, Alexander Smith and Jan Harvey)

((christoph.steitz@thomsonreuters.com))