[ AFP dispatch ]
Canal+, the largest shareholder in South African television giant MultiChoice with more than 35% of the capital, announced on Monday that it had made a mandatory offer to acquire all the shares it does not yet own
. After an initial rejection in February, the French group raised its offer on March 5 to 125 rand (€6.04) per share, paid in cash, up from 105 rand (€5.07) previously, valuing its target at nearly €2.7 billion.
"The Canal+ group is confident that this offer will be successful, as the price far exceeds the minimum required by regulations," said Maxime Saada, chairman of the executive board of the Vivendi group subsidiary, led by billionaire Vincent Bolloré, in a joint statement issued by the two groups.
The two companies also stated that they had "reached a cooperation agreement concerning the preparation and implementation" of this offer, as required by the South African Takeovers and Acquisitions Code. MultiChoice had deemed the initial offer insufficient.
Canal+ is present in 25 countries in Africa through 16 subsidiaries and has 8 million subscribers there, according to data from the French group.
Its position as the largest shareholder in the South African giant has enabled it to gain a foothold in English- and Portuguese-speaking Africa, where MultiChoice has 23.5 million subscribers in more than 50 countries. The future entity would be listed on the Johannesburg Stock Exchange.