So much for Naspers’s attempt to get full value for its stake in Chinese internet sensation Tencent.

Albert Saporta, a Swiss investment adviser, has for years been one of Naspers CEO Bob van Dijk’s most fervent critics. Now, he says Van Dijk’s move a year ago to create a new company in Amsterdam called Prosus, housing Naspers’s 31% of Tencent, has been an unmitigated disaster...

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