French Canal+ offers $2.9bn to buy South African broadcaster MultiChoice Group for African market expansion.

French media group Vivendi's Canal+ has made a formal cash offer to buy South African broadcaster MultiChoice Group for $2.9bn, valuing the company's shares at 125 rand each. This move is part of Canal+'s plans to boost its presence on the African continent. The offer will now be considered by a newly formed independent board of MultiChoice. If successful, Canal+ would gain greater access to the African market, home to the world's fastest-growing and youngest population.