AVITO AND EMAG
Naspers considers splashing out on R28bn minorities buyout
Naspers is considering spending up to $2.4bn (R28bn) on buying out minority shareholders of certain portfolio companies, says CEO Bob van Dijk. The internet holding company is looking for ways to spend its new war chest, worth $9.8bn (R115bn), which it gathered by trimming its stake in Chinese technology firm Tencent last week. Naspers has put and call options worth about $2.4bn to acquire the shares it does not already own in companies it bought into several years ago, and could soon exercise those rights. Van Dijk suggested Naspers could buy out co-investment partners or founders in Russian classifieds website Avito and Romanian online retailer eMAG, among other group companies. Since Naspers was trading at a discount of about 40% to the value of its holdings, the group would buy out minority shareholders using cash, rather than by issuing shares, so as not to dilute the base further, management said. Van Dijk said Naspers would not necessarily exercise all of its rights and could...
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