by Thinus Ferreira
The French media group Vivendi now plans to list its TV business Canal+ in London on the London Sock Exchange.
Canal+ is busy with an aggressive takeover of South Africa’s MultiChoice that runs brands like DStv, SuperSport and M-Net despite strict South African regulations barring foreign ownership of media companies like the Randburg-based pay-TV company.
Vivendi in a statement today says “Canal+ would be listed on the London Stock Exchange to reflect the company’s international dimension, particularly as part of the ongoing combination with MultiChoice”.
In its statement, Vivendi says “With close to two-thirds of its subscribers outside of France, a film and TV series distribution network present on all continents, and growth drivers resulting from its recent developments on the African, European and Asia-Pacific markets, a London-based listing would represent an attractive solution for international investors likely to be interested in the group”.
Vivendi then also wants a secondary listing of Canal+ in South Africa on the Johannesburg Stock Exchange (JSE) in order to shirt the foreign ownership regulations if it gets to buyout MultiChoice.
“Canal+ would remain a company incorporated and taxed in France and would not be subject to mandatory stock market regulations on public offers in either the United Kingdom or France,” says Vivendi.
“Furthermore, Canal+, depending on the success of its public tender offer for MultiChoice, could be subject to a secondary listing on the Johannesburg stock market.”