Shares of Naspers surged roughly 10% to ZAc 92,474 after EU regulators granted its subsidiary Prosus an extension to divest its stake in Delivery Hero, removing the immediate threat of a forced fire sale at depressed prices. On May 29, 2026, following a request from Naspers, the European Commission extended the deadline for implementing the remedies, though it emphasized that Naspers "still has to fully comply with the commitments."
The Original Deal That Started It All. The divestment requirement stems from the EU's approval of Prosus' acquisition of Just Eat Takeaway last year, under which Prosus agreed to lower its 27.4% stake in Delivery Hero below a minimal threshold within 12 months.
Prosus had already sold a 4.5% block to Uber at €20 per share in April 2026 and another 5% to Aspex Management at €22 — both well below where Delivery Hero now trades near €37.50. The European Commission said the new deadline is confidential.
Prosus Doesn't Just Want More Time — It Wants a Seat at the Table. Prosus is considering using the waiver to temporarily increase its holding from about 17% to either block a potential Uber takeover of Delivery Hero or strengthen its bargaining position.
Uber holds 24.99% of Delivery Hero's voting rights directly plus another 11.84% via derivatives , making the battle for control a live three-way standoff. For Naspers shareholders, this turns a regulatory headache into potential upside: a higher takeover bid for Delivery Hero means Prosus sells its remaining ~16.8% stake at a far better price than the €20–€22 it accepted weeks ago.
The Cash Cushion Is Real, but So Are Competing Priorities. Prosus held more than €13 billion in gross cash after completing the Just Eat Takeaway and La Centrale acquisitions as of March 2026. Meanwhile, the group plans to continue repurchasing shares at a $5 billion annual run rate, aiming to return $50 billion to shareholders across Prosus and Naspers within four years. Any cash diverted toward accumulating more Delivery Hero shares would compete directly with buybacks — the very program that has been shrinking the share count and supporting valuations.
The Market Is Pricing in the Best Case; Execution Remains Uncertain. Prosus CEO Fabricio Bloisi has publicly called the forced sale "a big mistake" and warned it could discourage future investment in Europe. But Brussels hasn't waived the requirement — only stretched it. Prosus remains obligated to fully carry out the agreed remedies before the revised deadline expires. A 10% single-day pop prices in significant deal upside that is, for now, speculative.