SOUTH AFRICA – French media company CANAL+ SA has bought 6.6% stake in Multichoice in a deal that makes the foreign media giant the second biggest shareholder after the Public Investment Corporation (PIC).
In a statement published on the Stock Exchange News (SEN), Multichoice said that it has filed the required notice with the Takeover Regulation Panel.
Since the listing, the company share price has lost only 3.3% while many other South African companies had their market values wiped out in double digits since the beginning of 2019.
After the announcement, Multichoice share price rose by over 9% at one point and was trading 8% higher that Fridays closing price for most of the Monday morning.
Canal+ SA is owned by French media conglomerate Vivendi which also owns music labels, publishing, online gaming, and marketing brands.
Canal+ specializes in film and television studios.