Shareholders in Uber have a reason to be disappointed today, as Uber’s takeover target, Grubhub, decided to join forces instead with a European firm, the aptly named Just Eat Takeaway. Hopes had been high for the past year or so among investors that some of the U.S. food delivery firms would combine, helping everyone lose less money.

Alas, it is not to be, at least not yet. But as Amir’s analysis of the deal today makes clear, Uber may have dodged a bullet. It’s also possible that Uber could go after the newly enlarged Grubhub-Just Eat in the future. After all, Uber Eats is a global business.

For now, though, Uber has to figure out how to reduce its losses at Eats. One possibility, expanding into grocery delivery, faces other challenges, as we reported last week. With ride-hailing now effectively making money, this issue remains Uber CEO Dara Khosrowshahi’s biggest challenge.—Martin Peers