Caxton intervenes in bid to uncover control structure at Naspers
Print and publishing group Caxton is applying to intervene in the Competition Tribunal’s hearing on the unbundling of Novus Holdings by Naspers in the hope of forcing the release of more details of Naspers’ complex control structure. On Wednesday, Caxton will tell the tribunal it has a material and substantial interest in the proposed unbundling and should be granted intervention status. Caxton has said that if it is allowed to intervene, it will ask for Naspers chairman Koos Bekker to be called to provide evidence on the group’s control structure. Caxton also wants to provide input on the effect of the exclusive contracts between Naspers subsidiary Media24 and Novus on the South African printing market. The move by Caxton is the latest development in a three-year saga. It began in 2014 when Lambert Retief, former CEO of Novus — known at the time as Paarl Media — announced he wanted to sell his 20% stake and retire. Media24 held the other 80% and was the obvious buyer. But what look...
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