Canal+, a unit of France’s US$9.7 billion Vivendi SE, has been speeding up its acquisition of shares in South African television and entertainment company MultiChoice Group, with its stake having risen to 26.26% from 15.37% a year ago.
Canal+ bought 6.5% of MultiChoice in October of 2020 and within the same month almost doubled that to 12%, sparking talk of a buyout.
While MultiChoice rallied on the speculation, it said it had begun a collaboration with Canal+ on co-productions that would help with sharing costs.
Two years later and it’s again unclear what Vivendi’s intentions might be. Canal+ increased its stake to 20.12% in July and has twice now added more stock to its holdings in a company that has more than 76% of its shares in free float, according to data compiled by Bloomberg.
If Canal+ were to buy 35% or more of MutliChoice’s shares, it would trigger a mandatory offer to shareholders.-bustech