Naspers, Africa’s most valuable group, has announced a plan for shareholders to swap their ordinary N-shares with those of Amsterdam-listed consumer internet subsidiary Prosus, as it seeks to close a hefty gap between the underlying value of its assets and its market value.

The proposed transaction would see Prosus acquire up to 45.4% of issued Naspers N-ordinary shares, through the issue of about 2.27 of its shares for every Naspers share...

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