Fresh off its license win in London, Uber Technologies (NYSE: UBER) is looking to further expand its presence in Europe by buying the Your Now ride-hailing joint venture of BMW (OTC: BAMXF) and Daimler (OTC: DMLRY), according to a report on Monday by Bloomberg.

The automakers have been trying to find investors in the business so they can focus more fully on their core car operations, but the coronavirus pandemic has thwarted their efforts thus far. Daimler valued the ridesharing business at $720 million in June, Bloomberg said.

Uber driver with passengers

Image source: Uber Technologies.

An acquisition of Your Now would allow Uber to penetrate deeper into Europe at a time when it is shedding minority stakes in businesses in various countries, including Asian ridesharing app Grab, and the similar business of Russian tech conglomerate Yandex, though it will still own a 19% stake in Yandex when the business is spun off.

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FRANKFURT (Reuters) – Investors welcomed former Daimler <DAIGn.DE> chief executive Dieter Zetsche’s decision to forego his role as chairman of the German carmaker, announced at the weekend and starting a race to find an independent head of the company’s supervisory board.

Zetsche, 67, a former head of the Mercedes-Benz brand, was due to take a seat as chairman of the board of directors at the Stuttgart-based company after a two-year cooling off period.

In a surprise move, he announced in an interview in Sunday newspaper the Frankfurter Allgemeine Sonntagszeitung that he would renounce his position, breaking a decades-old practice among German companies of promoting board members to directors.

Now Manfred Bischoff, Daimler’s current chairman needs to find a new successor candidate before he retires on March 31, 2021.

“This enables Daimler to reorient itself under new management, a step which from our point of view is necessary,” Michael Muders, a

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