Prosus’ planned \u20ac4.1 billion ($85 billion) takeover of Just Eat Takeaway.com has won conditional approval from the European Union, after the Dutch food delivery firm agreed to reduce its stake in another rival to allay competition concerns.<\/p>\n\n\n\n
The Dutch-based Prosus has a cross-ownership structure with Naspers and holds the group\u2019s international assets.<\/p>\n\n\n\n
With a market cap of R920 billion, Naspers is the most valuable company in South Africa.\u00a0Much of this is linked to the company’s stake in Chinese tech giant Tencent. <\/p>\n\n\n\n
EU fears over potential market distortions from the Just Eat Takeaway.com deal were allayed by a pledge from Prosus to cut its holding in Delivery Hero SE to an unspecified \u201cvery low percentage within 12 months.\u201d<\/p>\n\n\n\n
EU watchdogs were also won over by Prosus\u2019 promise not to exercise voting rights associated with its remaining limited shareholding in Delivery Hero and to avoid putting forward any representatives for its board. <\/p>\n\n\n\n
The decision \u201csends a clear warning to an industry with recent antitrust issues: we won\u2019t tolerate any anticompetitive behaviour that may harm consumers,\u201d Teresa Ribera, the EU\u2019s competition commissioner, said. <\/p>\n\n\n\n
Prosus Chief Executive Officer Fabricio Bloisi said in a statement that the deal paves the way to \u201cbuild a true European tech champion and lead the next chapter in food delivery innovation.\u201d<\/p>\n\n\n\n
Prosus shares rose 0.3% at 4:28 p.m. in Amsterdam as its peers advanced. Delivery Hero shares fell as much as 5.6% in Frankfurt before paring the drop to 2.4%.<\/p>\n\n\n\n
The acquisition of Just Eat would make Prosus the world\u2019s fourth-largest food delivery group, behind Uber Technologies Inc., DoorDash Inc., and China\u2019s Meituan, according to analysts. <\/p>\n\n\n\n
Just Eat would bolster Prosus\u2019 food delivery portfolio, which includes holdings in platforms across South America, India, Southeast Asia and Mr.D in South Africa. <\/p>\n\n\n\n
After booming during the pandemic, the industry has faced intense price competition, spurring a wave of consolidation.<\/p>\n\n\n\n
Prosus holds several food delivery investments globally, including full control of Brazil\u2019s iFood, its stake in Berlin-based Delivery Hero, and a 25% share in India\u2019s Swiggy. <\/p>\n\n\n\n
Just Eat, also based in Amsterdam, operates in 17 markets including the UK, Germany and the Netherlands.<\/p>\n","protected":false},"excerpt":{"rendered":"
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