The main news of the day was confirmation that French giant Canal+ wants all DStv owners' MultiChoice. Glencore has provided a mixed picture on its expansion in SA, but international news suggests Tesla shareholders will vote for the company to move to the Lone Star State.
Swiss mining and trading giant Glencore announced Thursday that among major commodities, only gold and coal production increased in 2023, rising 13% to 747,000 ounces and 3% to 113.6 million tonnes, respectively. Coal rose due to SA, but the base was low. The first half of the year was hit by problems such as logistics constraints and weather. “Overall production in 2023 is consistent with previously revised guidance and includes the company's copper, zinc, nickel and coal Shipments of all major products increased in the second half of the year.” Ferrochrome production was the worst, with sales down 22% to 1.16 million tons. This was primarily due to additional downtime at the smelter during the three-month period of high demand during the winter months, when electricity prices soar. The smelter portfolio reopened in stages in the fourth quarter, but the Rustenburg smelter remained idle pending an improvement in the price and cost environment. The group has five smelter complexes in the southeast. Productivity at the SA coal business recovered, with thermal coal production increasing by 9% to 17.8 million tonnes, but the company remained constrained by capacity constraints on the Transnet rail network. . Glencore closed slightly lower after the announcement, but has fallen more than 11% over the past year.
French entertainment giant Canal+ has announced that it is considering acquiring MultiChoice, and on Thursday made an offer to buy the approximately 68% of the group it does not already own for R105 per share. Canal Plus confirmed in a letter to the MultiChoice board that it had made a non-binding indicative offer at a 40% premium to the JSE-listed company's closing share price of R75 on Wednesday. Canal+ said its aim is to create an African media business with enhanced scale that can grow in competitive international markets. MultiChoice's share price soared about 27% to R94.95 after the announcement, but is still down more than a fifth in the past year.
South Africans need to gain knowledge if we want to build a prosperous future. News24 has been keeping the nation informed for 25 years and we are entering a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news designed to inform, empower and inspire.