Canal+ increases MultiChoice stake
September 14, 2022
By Colin Mann
French media company Canal+ has raised its stake in South African pay-TV operator MultiChoice to 26.26 per cent, up from 20.12 per cent in July 2022, when MultiChoice advised that Canal+ had acquired an additional interest in the ordinary shares of the company.
In a regulatory disclosure, MultiChoice said that it remained committed to acting in the best interests of all shareholders and to create sustainable long-term shareholder value.
Canal+ has progressively increased its stake in MultiChoice, who first disclosed in October 2020 that Canal+ had acquired 6.5 per cent of its equity.
“While the Group regularly engages investors and maintains an open dialogue with the investment community, its policy is not to comment on its individual shareholders nor on its interactions with them,” said MultiChoice.
Should Canal+ acquire 35 per cent or more of MutliChoice’s shares, it would trigger a mandatory offer to shareholders.
As required in terms of section 122(3)(a) of Companies Act, 71 of 2008, MultiChoice has filed the required notice with the Takeover Regulation Panel.