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Prosus, which became Europe’s largest technology company this week, has always been something of a Gordian knot for investors.

The Amsterdam-based company derives the entirety of its €141bn market capitalisation from its 31% stake in Tencent Holdings, the Chinese e-commerce giant. Indeed, it trades at a $59bn discount to the value of that holding, meaning that investors essentially ascribe a negative value to its other investments, such as Russia’s Mail. Ru Group and Brazilian food delivery platform iFood...

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