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Uber Is Said to Bid $1.2 Billion for Europe Rival Free Now

Ride-hailing giant Uber reportedly offered more than 1 billion euros ($1.2 billion) for European rival Free Now, owned by BMW and Daimler.
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Uber Technologies  (UBER)  shares fell after a report that the ride-hailing giant has offered more than 1 billion euros ($1.2 billion) to purchase its European rival Free Now, which is jointly owned by BMW and Daimler.

German business publication Manager Magazin reported that Daimler is prepared to let Free Now go, while BMW is more reluctant. 

BMW is mulling the idea of offering Uber a stake in Free Now, the publication said. 

Free Now is based in Hamburg and serves more than 100 European cities with both taxi and ride-hailing service.

Gaining hold of Free Now would give Uber a commanding position in the European taxi and ride-sharing market, MarketWatch reports.

Uber received approval last month to keep operating in London, its biggest European market, for another 18 months.

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Uber recently traded at $35.04, down 3.5%. The shares have climbed 18% year to date.

Earlier this month, Uber said it received a $500 million preferred-stock investment in Uber Freight from a group led by Greenbriar Equity, a deal that values the unit at $3.3 billion.

Uber Freight was launched in 2017 as the shipping arm of Uber Technologies, the parent of the ride-hailing and food-delivery company. 

The freight service enables trucking companies and drivers to book loads just as they would book Uber rides, a company statement says.

Greenbriar is the Rye, N.Y., private-equity firm focused on logistics, transport, manufacturing and more. 

Uber Freight said it planned to use the funds to build out its logistics platform and speed new products to market. Uber will retain majority control of the freight unit.