South Africa’s benchmark equities index is set to erase its 2020 drop, staging a spectacular snap-back from its March trough following a surge in shares of market heavyweight Naspers.
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eBay has agreed to sell its online classifieds business to Norway’s Adevinta for $9.2-billion (R152-billion), ending one of the largest auctions of the year.
eBay would prefer to keep a stake in the classified advertising business it’s selling, according to people familiar with the matter, lessening the chances Prosus will win the hotly-contested auction.
Prosus handed in the highest offer for eBay’s classifieds unit, putting the Naspers-owned business in pole position to win one of the largest auction processes this year.
Media24 plans to close multiple newspapers and magazines in a move that is set to cost over 500 jobs. Men’s Health and Runner’s World are among the titles earmarked for closure.
Prosus is in talks to increase its stake in iFood, Latin America’s biggest food delivery start-up, amid a wave of consolidation in the industry, people with knowledge of the matter said.
It would be interesting to speculate how many people who, after reading the Prosus and Naspers results for the year to March, are thinking the same thing: would Warren Buffett invest in either company?
Bob van Dijk, CEO of Naspers and its European-listed spin-off Prosus, received remuneration of US$15.98-million, or R276-million, in the past year, according to the Naspers annual report published on Tuesday.
Media and e-commerce group Naspers on Monday reported a 4.5% drop in profit for the year to 31 March, mainly as a result of investments to drive growth in its food delivery business.
South African shares are about to round off their strongest quarter in almost two decades, and the influence of the coronavirus pandemic is clear to see in the shares most responsible for driving the market higher.