By Nqobile Dludla
South Africa’s Competition Commission recommended France’s Canal+ (CAN.L), opens new tab takeover of pay TV broadcaster MultiChoice Group (MCGJ.J), opens new tab be approved with conditions, clearing a major hurdle on Wednesday.
If final approval is granted, the deal would be transformative for Canal+ as part of its expansion in Africa, particularly in English-speaking regions.
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Canal+, which spun off from parent company Vivendi (VIV.PA), opens new tab in December, made a firm offer last year of 125 rand in cash per MultiChoice share that it does not own, or about 35 billion rand ($1.96 billion).
The Commission said the transaction was unlikely to substantially lessen or prevent competition but recommended approval subject to a number of conditions given the role played by MultiChoice in South Africa’s entertainment industry, and to address public interest concerns raised by various stakeholders.
By 0900
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