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Canal+ rose in its Johannesburg Stock Exchange debut after the French media group completed its acquisition of MultiChoice, giving South African investors exposure to the enlarged pay-TV and streaming company.
The stock climbed to R58.50 in early trading, above the reference price based on its London-listed shares. Canal+ has a market value of about £2.5 billion and becomes the first French company to trade on the JSE's main board.
The secondary listing gives Canal+ a rand-based market value of about R57.7 billion, large enough to enter the FTSE/JSE Top40 Index. Its inclusion will remove Mr Price Group from the gauge. Canal+ will retain its primary listing in London.