* Aspex threatens to push for leadership change

* Aspex questions Delivery Hero's ownership of certain

businesses

* Aspex calls for sharper focus on shareholder value

By Christoph Steitz and Alexander Hübner

FRANKFURT/MUNICH, March 13 (Reuters) - A top Delivery

Hero 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, there had been

little progress and warned of further value destruction if not

enough is done by the company.

Aspex declined to comment on the letter, which was dated

March 12, while Delivery Hero had no immediate comment.

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 certain country operations.

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.

"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 in the letter.

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.

($1 = 0.8743 euros)