Following the takeover of Multichoice (MCG) by French media giant Canal+, the group is moving to exit the JSE\u2014with a much bigger listing to follow. <\/p>\n\n\n\n
The Canal+\/MCG offer closed on Friday, 10 October, with the former now owning 94.4% of MCG’s total issued ordinary shares.<\/p>\n\n\n\n
As the Canal+ offer has been accepted by Multichoice shareholders holding more than 90% of the offer shares, the French giant will now move to acquire all shares as per the terms of the agreement.<\/p>\n\n\n\n
Multichoice is now a wholly-owned subsidiary of Canal+.<\/p>\n\n\n\n
As a result, group will apply to terminate its listing on the JSE, with notice expected to be given soon for trading to be suspended.<\/p>\n\n\n\n
However, while this marks the end of Multichoice in the JSE, Canal+ made commitments to competition authorities to start its own journey on the local bourse.<\/p>\n\n\n\n
Canal+, listed in London, will move to launch a secondary listing on the JSE through a fast-track listing procedure, pending regulatory approvals.<\/p>\n\n\n\n
“A secondary inward listing will preserve South African investor access and market liquidity, allowing local investors to hold shares in a leading global media and entertainment company on the JSE,” it said.<\/p>\n\n\n\n
“This will broaden the investor base of Canal+, reinforce the company’s long-term commitment to South Africa and Africa’s creative economy, and support continued institutional exposure to the media sector.”<\/p>\n\n\n\n
CEO of Canal+, Maxime Saada, said it is important that local investors have access and opportunity to invest in the group, “given the important role Canal+ will now play in South Africa and across the African continent.”
Canal+ said the acquisition of MCG marks the largest transaction ever undertaken by the group.<\/p>\n\n\n\n
The combined group will serve more than 40 million subscribers across close to 70 countries in Africa, Europe, and Asia, supported by a workforce of approximately 17,000 employees.<\/p>\n\n\n\n
It added that the integration of MCG and CANAL+ has now started to take place.<\/p>\n","protected":false},"excerpt":{"rendered":"
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