Africa’s largest media firm, Naspers, is to buy UK internet auction firm Tradus for £946m ($1.90bn) in order to expand into central and eastern Europe.

TRADUS was formerly called QXL, and Naspers said the deal would consolidate its existing presence in Poland. Under the deal, Johannesburg-based Naspers will pay £18 for each Tradus share, a 19% premium to the closing price of £15.10 on 6 November.

Naspers shares closed 5% down on fears it may have overpaid for Tradus. Abri du Plessis, chief investment officer at Gryphon Asset Management said: “It’s probably seen as not a good thing spending a lot of money going for risk at a time like this.”

Naspers owns South Africa’s biggest daily newspaper, the Daily Sun, and African pay TV unit Multichoice.

The media group has been investing in the internet for 10 years and has previously been building up a presence across Africa, in China, and in Russia.

Tradus has sites in most central and eastern European nations, as well as Denmark, Norway and Switzerland and the UK.

The Nigerian government cancelled a 128.4m naira ($1.1m; £532,683) contract with Siemens for the supply of circuit breakers and other power generation accessories on Wednesday.

“Council cancelled the contract bid won by Siemens Nigeria because of the current investigation against the company relating to corrupt practices,” information and communications minister John Odey said.

“Government will not have any dealings with Siemens Nigeria in terms of contracts until the investigation is concluded and the company is exonerated or otherwise,” Mr Odey said.

Siemen’s chairman and chief executive both quit over the scandal.

At least two employees were given suspended sentences for bribery and breach of trust.

Siemens has accepted the Munich court judgement and has also agreed to pay 179m euros to the tax authorities.