Following the takeover of Multichoice (MCG) by French media giant Canal+, the group is moving to exit the JSE—with a much bigger listing to follow.
The Canal+/MCG offer closed on Friday, 10 October, with the former now owning 94.4% of MCG’s total issued ordinary shares.
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.
Multichoice is now a wholly-owned subsidiary of Canal+.
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.
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.
Canal+, listed in London, will move to launch a secondary listing on the JSE through a fast-track listing procedure, pending regulatory approvals.
“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.
“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.”
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.
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.
It added that the integration of MCG and CANAL+ has now started to take place.
