Canal+, the $9.7 billion unit of France’s Vivendi SE, is accelerating its acquisition of South African television and entertainment company MultiChoice Group, where its stake has risen to 26.26% from 15.37% a year ago.
Canal+ bought 6.5% of MultiChoice in October 2020 and almost doubled that to 12% in the same month, sparking talk of a buyout.
Although the merger has been fueled by speculation, MultiChoice said it had entered into a co-production with Canal+ that would help with cost sharing.
Two years later, it’s still unclear what Vivendi’s intentions might be. Canal+ increased its stake to 20.12% in July and has already twice added additional shares in the company, which has more than 76% of its shares outstanding, according to data compiled by Bloomberg.
If Canal+ buys 35% or more of MutliChoice, it will trigger a mandatory offer to shareholders.
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