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Tuesday, 14 May 2024 11:09

French media giant Canal+ increases interest in MultiChoice to 45.2%.

By Lehlohonolo Lehana.

French multimedia group Canal+ has increased its holding in MultiChoice to 45.2%, after it bought 7.37-million more shares as it forges ahead in its bid to take control of Africa's biggest pay-TV operator.

It acquired the shares between 8 and 10 May 2024, paying between R119.44 and R119.68.

After the aforementioned trades are implemented, Canal+ will hold an aggregate of approximately 45.20% of the MultiChoice Shares in issue,"it said.

"Canal+ confirms that these acquisitions have already been disclosed to the Takeover Regulation Panel (TRP) as required under the Companies Act and [the Takeover Regulations]," it said.

Canal+ has been disclosing its on-market purchases of MultiChoice stock through the Takeover Regulation Panel weekly since the companies revealed its stake had surpassed 40%.

Canal+ has offered to buy all the shares at R125 apiece, which is being considered by a newly formed independent board at MultiChoice.

The group said that it may acquire further MultiChoice Shares whilst the its takeover offer remains open and, if required under the Companies Act or the Takeover Regulations, will make further disclosures and announcements in that regard.

The group is unlikely to pass over the 50% mark through these smaller acquisitions as that would amount to a merger under the Competition Act, which would require prior approval from the Competition Tribunal.