Canal+ And MultiChoice Deal Set To Appear In Front Of The Competition Tribunal Before The End Of July + More

In South Africa, the Chairman of the Board of Directors of Canal+ said he was awaiting "a final decision," which will be made via the South African Competition Tribunal, after receiving a "positive opinion" from the South African Competition Commission in May.

Maxime Saada reported a hearing scheduled in this regard "before the end of July." "This chapter is moving very quickly," he concluded.

The Chairman of the Board discussed the preparations underway to anticipate what comes next and identify "the operational model of the future company" and the distribution of "responsibilities," so that "the day after the transaction closes, everyone knows what their responsibilities will be."

CRUCIAL ACQUISITION

This transaction is all the more crucial for Canal+ as it should enable it to boost its share price, which has plummeted since its listing on the London Stock Exchange in December, following the spin-off from its former parent company, Vivendi.

"It will be very important to complete the transaction with MultiChoice," Yannick Bolloré responded to a question from an individual shareholder about this "disappointing" stock market performance.

"The few investors I've met have all talked to me about the MultiChoice deal," added Yannick Bolloré, believing the acquisition could be "a catalyst for acceleration" (sic).

The Chairman of the Supervisory Board also reiterated, as he did at Vivendi's shareholders' meeting (where he holds the same position) in April, that it would take "time to make ourselves known" to investors.

TAX DISPUTES

The audiovisual group Canal+ also announced on Friday that it had reached an agreement with the French National Center for Cinema and the Moving Image (CNC) regarding a tax dispute.

Canal+ stated in a press release published shortly before its shareholders' meeting that it had "put an end to the disputes" and thus removed "the uncertainty regarding the possibility of significant additional disbursements."

The CNC and Canal+ disagreed over the television services tax (TST) owed by the group and collected by the public body.

Canal+'s Chief Financial Officer, Amandine Ferré, clarified that the €44 million requested by the CNC for the 2020 and 2021 fiscal years had been canceled, and that the group was also "protected from claims" from the public institution for nearly €50 million for 2022 and 2023, "for a total of €90 million."

"The cash impact [of the agreement] is therefore neutral," the Chief Financial Officer concluded.

Canal+'s Chief Financial Officer, Amandine Ferré, clarified that the €44 million requested by the CNC for the 2020 and 2021 fiscal years had been canceled, and that the group was also "protected from claims" from the public institution for nearly €50 million for 2022 and 2023, "for a total of €90 million."

"The cash impact [of the agreement] is therefore neutral," the Chief Financial Officer concluded.

However, Canal+'s dispute with the tax authorities regarding the VAT it owes to the State is still ongoing, Canal+ stated. Amandine Ferré affirmed that she is "actively engaging with the tax authorities to find a solution as quickly as possible."

This article was published by Boursorama