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A recent deal announced by Prosus, in which Naspers investors are being asked to swap their stock for shares in the Dutch holding company, has drawn withering criticism from hedge fund manager Albert Saporta. He’s long argued that the creation of Prosus — itself an effort to reduce the discount at which Naspers trades to its single biggest asset, Chinese internet giant Tencent — was a gigantic mistake. He spoke to the FM.

You say the share swap is "idiotic" — why?..

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