French media group Canal+ now owns 45.2% of MultiChoice, Africa’s biggest pay TV operator.
Canal+ has acquired in on/off market transactions, a further 7,374,918 MultiChoice Shares, as follows:
- On Wednesday, 8 May 2024, Canal+ acquired 4,709,759 MultiChoice Shares in on/off market transactions for an average consideration of ZAR 119,66 per MultiChoice Share
- On Thursday, 9 May 2024, Canal+ acquired 387,354 MultiChoice Shares in on/off market transactions for an average consideration of ZAR 119,44 per MultiChoice Share
- On Friday, 10 May 2024, Canal+ acquired 2,277,805 MultiChoice Shares in on/off market transactions for an average consideration of ZAR 119,68 per MultiChoice Share
“After the aforementioned trades are implemented, Canal+ will hold an aggregate of approximately 45,20% of the MultiChoice Shares in issue. Canal+ confirms that these acquisitions have already been disclosed to the Takeover Regulation Panel (TRP) as required under the Companies Act No. 71 of 2008 (Companies Act) and Chapter 5 of the Companies Regulations, 2011 (Takeover Regulations).”
Also read: GUGU LOURIE: Canal+ plays strong-arm game with MultiChoice

Also read: Canal+ Makes A Mandatory Offer To MultiChoice Minorities
French media group Canal+ has made a mandatory offer to the minority shareholders of JSE-listed broadcaster MultiChoice Group after surpassing a threshold set by the Johannesburg Stock Exchange.
The JSE requires an offer to be made to other shareholders on a basis agreed with the main bourse when a person or group acquires at least a 35% stake in a listed company.
On February 5, Canal+ Group increased its ownership in MultiChoice from 31.07% to 35.01%, despite a prior rejected takeover offer.
However, industry experts have pointed out that the Electronic Communications Act limits foreign ownership of local licensed broadcasters to 20% and flagged this as a potential risk to the deal. MultiChoice’s memorandum of incorporation states that the voting rights of foreign owners are limited to 20%, even if their shareholding exceeds this.
Today, Canal+ proposed a mandatory offer to acquire all the issued shares of MultiChoice Group not already owned by the group at a purchase price of R125.00, payable in cash.
The French conglomerate said the offer was significantly above the regulatory minimum price for the mandatory offer, which is approximately R105.00.
MultiChoice and Canal+ have entered into a cooperation agreement regarding the offer.
“The offer will be fully funded by funds available to Canal+. The South African Takeover Regulations Panel has been furnished with an irrevocable unconditional bank guarantee,” said the company.