How a Hostile Takeover Bid From a South African Tech Giant Could Reshape Global Food Delivery
Many know South African media company Naspers (OTC: NPSNY) for its massive 31% stake in Chinese internet giant Tencent (OTC: TCEHY), which is now housed in a separate company called Prosus (OTC: PROSY), which was spun off from Naspers in September. Naspers owns about 74% of Prosus, which houses not only Tencent but all of Naspers' non-South African internet assets.
Many of these "other assets" besides Tencent are afterthoughts for investors, yet they could contain the seeds for Naspers' next big play. When asked what its "next Tencent" could be, Naspers management usually discusses its global food delivery businesses, even ahead of the company's stakes in online travel, online classifieds, and fintech.
At the time of the Prosus spinoff in September, Naspers had stakes in three large food delivery businesses: Brazil's iFood, India's Swiggy, and Germany's Delivery Hero (OTC: DLVHF). And just last week, Prosus made its biggest and boldest bet yet in global food delivery, this time with a "hostile" takeover bid for Britain's Just Eat (OTC: JSTTY).
Source Fool.com
