Naspers and Prosus have defended the complex share swap deal they announced this week in the face of criticism, insisting it is the only solution to the deep discount the shares trade at, and that it is good for SA, ensuring that Naspers remains a South African company and that it retains control of Prosus and keeps it within the South African tax net.

The market cautiously welcomed the deal, which will cut Naspers's weighting on the JSE from 23% to 14% and boost Prosus's presence on Euronext Amsterdam (AEX), enabling it to attract greater interest from European investors. The deal also makes the Naspers share more attractive...

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