Naspers and its European subsidiary, Prosus, may be gearing up to make a large acquisition as the group announced plans that could put about $16bn (R233bn) into its coffers by reducing its stake in Chinese internet giant Tencent.

Prosus, the international technology investor that Naspers listed in Amsterdam in 2019, said on Wednesday it would sell up to 191-million shares in Tencent, equal to 2% of the Chinese company’s issued share capital. The move will reduce its stake to about 29% from almost 31%, giving it a war chest of nearly $16bn...

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