Reports indicate that South African billionaire Patrice Motsepe is in talks to join French company Vivendi SE’s Canal+ in a bid to take over South African broadcast giant Multichoice.
Motsepe, who some refer to as South Africa’s richest man, is expected to help the French media conglomerate meet the country’s stringent black ownership requirements, according to sources who prefer to remain anonymous, as the information is still private.
Officials from Canal+ and Motsepe’s African Rainbow Capital investment firm declined to provide commentary.
Sources disclosed that discussions are currently in their initial phase and it is uncertain whether an agreement will be reached.
Canal+, having acquired a controlling stake of over 35% in MultiChoice, South Africa’s dominant pay-TV provider, is now obligated to make a mandatory takeover offer.
Should it overcome France’s constraints on foreign media ownership, the broadcaster would bolster its foothold in African markets, which house the world’s most rapidly developing and youthful population, the report says.
By 8 April, Canal+ is projected to submit an official R125 per share offer for MultiChoice, evaluating the firm at approximately R55 billion (US$2,9 billion).
Independent members of the board are to examine the offer.
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