Business news in brief
French media giant Canal+ takes over MultiChoice
French media giant Canal+ said on Monday that it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries across Africa, Europe and Asia.
The companies issued a joint statement, stating that the combined group would have a workforce of 17,000 employees and serve more than 40 million subscribers. The acquisition is "the largest transaction ever undertaken" by Canal+, the statement added.
Canal+, which is already the sector leader in French-speaking African countries, now controls what it described as the leader in the continent's English- and Portuguese-speaking regions. "This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world," Canal+ chief executive Maxime Saada said in the statement.
The buyout was given final approval by South Africa's competition authority in late July, more than a year after Canal+ launched its bid. Canal+ offered R125 per share for MultiChoice when it launched its offer last year, valuing the South African firm at around US$3 billion.
Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.
MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.
It includes Africa's premier sports broadcaster, SuperSport, and the DStv satellite television service. – AFP
European airport disruption continues after weekend cyber-attack
Flight disruption across Europe is set to continue, with Brussels Airport in Belgium asking airlines to cancel nearly half of their flights on Monday. Several of Europe's busiest airports have spent the past few days trying to restore normal operations after a cyber-attack on Friday disrupted their automatic check-in and boarding software. Disruption had eased significantly in Berlin and London Heathrow by Sunday, but delays and flight cancellations remained.
In a statement on Monday morning, software provider Collins Aerospace said it was in the final stages of completing necessary software updates. Brussels Airport said the "service provider is actively working on the issue" but it was still "unclear" when the problem would be resolved.
The airport has asked airlines to cancel nearly 140 of their 276 scheduled outbound flights for Monday, according to the AP news agency. – BBC
Stocks edge up after Trump's visa crackdown
Asian stocks drifted higher, and the dollar steadied on Monday, with markets weighing the Federal Reserve's monetary policy path after a rate cut last week, while President Donald Trump's immigration crackdown on worker visas kept sentiment in check.
India's benchmark index slipped after the Trump administration said on Friday it would ask companies to pay US$100,000 for new H-1B worker visas, a blow to the tech sector that relies on skilled workers from India and China.
US stock futures eased, with the S&P futures down by 0.1%, while European futures indicated a subdued open. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1% higher. Tokyo's Nikkei rose by 1.3%, and Taiwan stocks gained more than 1% to a record high.
India's US$283 billion information technology sector, which gets more than half of its revenue from the US, will likely feel the pain in the near term amid souring ties between India and the United States. Trump last month doubled tariffs on imports from India to as much as 50%, partly due to New Delhi's purchases of Russian oil. – Reuters
Pfizer closes in on US$7.3 billion takeover of anti-obesity drugmaker Metsera
Pfizer is closing in on a potential US$7.3 billion takeover of weight-loss drug developer Metsera, the Financial Times reported on Sunday, citing unidentified sources. The US pharma firm will acquire New York City-based Metsera for US$47.50 per share in cash, with an additional US$22.50 per share contingent on the achievement of certain performance milestones, the newspaper said, adding that the announcement could come as early as Monday, unless deal talks fall through. Reuters could not immediately confirm the report. Pfizer and Metsera did not immediately respond to a Reuters request for comment outside regular business hours. Talks to acquire Metsera come just months after the biotech firm's blockbuster Nasdaq debut, underscoring surging investor appetite for companies developing next-generation weight-loss therapies.
The US$47.50-per-share bid marks a roughly 42.5% premium over Metsera's Friday closing price of US$33.32, which pegged its market value at about US$3.5 billion, according to LSEG data.
The deal marks Pfizer's latest bid to secure a foothold in the lucrative anti-obesity drug market, following setbacks in its own development efforts. – Reuters
Porsche shares plunge after delayed EV launch hits guidance
Shares in Porsche plunged by 4.1% on Monday after the German luxury sports carmaker dialled back the rollout of electric models due to weak demand and slashed its 2025 profitability outlook. Its parent company, Volkswagen, and holding company Porsche SE, Volkswagen's biggest shareholder, fell by 3.9% and 4.3%, respectively, at market open. Porsche cut its profitability guidance on Friday and announced a delay in the launch of some all-electric models, in further signs of trouble for the company, whose profits were nearly wiped out completely in the second quarter amid pressure in its key market China and higher US tariffs.
As a result of the product delays, Porsche now expects its profit margin this year to reach a maximum of 2%, down from a previously guided range of 5-7%.
Volkswagen, Europe's top carmaker, said it would take a €5.1 billion (US$6 billion) hit from the far-reaching product overhaul at its 75.4%-owned subsidiary. Volkswagen cut its profit margin outlook to 2-3% from 4-5%, while Porsche SE also cut its outlook for profit after tax.
Jefferies analysts commented that Porsche and Volkswagen's outlook revision may be the last but warned that it could give rise to product cycle and brand challenges. One local trader said the strategic decision was "inevitable" and warned that the sports carmaker had become too dependent on electric vehicles. – Reuters
Vietnam Airlines plans to add 30 more wide-body jets to its fleet
Vietnam's flagship carrier, Vietnam Airlines, is planning to add 30 more wide-body jets to its fleet through lease or purchase, it said in an announcement to suppliers released on Monday. The actual delivery for agreed contracts will take place between 2028 and 2030, it said. Boeing 787-9 or Airbus A350-900 are the two models being considered. – Reuters
French media giant Canal+ said on Monday that it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries across Africa, Europe and Asia.
The companies issued a joint statement, stating that the combined group would have a workforce of 17,000 employees and serve more than 40 million subscribers. The acquisition is "the largest transaction ever undertaken" by Canal+, the statement added.
Canal+, which is already the sector leader in French-speaking African countries, now controls what it described as the leader in the continent's English- and Portuguese-speaking regions. "This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world," Canal+ chief executive Maxime Saada said in the statement.
The buyout was given final approval by South Africa's competition authority in late July, more than a year after Canal+ launched its bid. Canal+ offered R125 per share for MultiChoice when it launched its offer last year, valuing the South African firm at around US$3 billion.
Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.
MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.
It includes Africa's premier sports broadcaster, SuperSport, and the DStv satellite television service. – AFP
European airport disruption continues after weekend cyber-attack
Flight disruption across Europe is set to continue, with Brussels Airport in Belgium asking airlines to cancel nearly half of their flights on Monday. Several of Europe's busiest airports have spent the past few days trying to restore normal operations after a cyber-attack on Friday disrupted their automatic check-in and boarding software. Disruption had eased significantly in Berlin and London Heathrow by Sunday, but delays and flight cancellations remained.
In a statement on Monday morning, software provider Collins Aerospace said it was in the final stages of completing necessary software updates. Brussels Airport said the "service provider is actively working on the issue" but it was still "unclear" when the problem would be resolved.
The airport has asked airlines to cancel nearly 140 of their 276 scheduled outbound flights for Monday, according to the AP news agency. – BBC
Stocks edge up after Trump's visa crackdown
Asian stocks drifted higher, and the dollar steadied on Monday, with markets weighing the Federal Reserve's monetary policy path after a rate cut last week, while President Donald Trump's immigration crackdown on worker visas kept sentiment in check.
India's benchmark index slipped after the Trump administration said on Friday it would ask companies to pay US$100,000 for new H-1B worker visas, a blow to the tech sector that relies on skilled workers from India and China.
US stock futures eased, with the S&P futures down by 0.1%, while European futures indicated a subdued open. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1% higher. Tokyo's Nikkei rose by 1.3%, and Taiwan stocks gained more than 1% to a record high.
India's US$283 billion information technology sector, which gets more than half of its revenue from the US, will likely feel the pain in the near term amid souring ties between India and the United States. Trump last month doubled tariffs on imports from India to as much as 50%, partly due to New Delhi's purchases of Russian oil. – Reuters
Pfizer closes in on US$7.3 billion takeover of anti-obesity drugmaker Metsera
Pfizer is closing in on a potential US$7.3 billion takeover of weight-loss drug developer Metsera, the Financial Times reported on Sunday, citing unidentified sources. The US pharma firm will acquire New York City-based Metsera for US$47.50 per share in cash, with an additional US$22.50 per share contingent on the achievement of certain performance milestones, the newspaper said, adding that the announcement could come as early as Monday, unless deal talks fall through. Reuters could not immediately confirm the report. Pfizer and Metsera did not immediately respond to a Reuters request for comment outside regular business hours. Talks to acquire Metsera come just months after the biotech firm's blockbuster Nasdaq debut, underscoring surging investor appetite for companies developing next-generation weight-loss therapies.
The US$47.50-per-share bid marks a roughly 42.5% premium over Metsera's Friday closing price of US$33.32, which pegged its market value at about US$3.5 billion, according to LSEG data.
The deal marks Pfizer's latest bid to secure a foothold in the lucrative anti-obesity drug market, following setbacks in its own development efforts. – Reuters
Porsche shares plunge after delayed EV launch hits guidance
Shares in Porsche plunged by 4.1% on Monday after the German luxury sports carmaker dialled back the rollout of electric models due to weak demand and slashed its 2025 profitability outlook. Its parent company, Volkswagen, and holding company Porsche SE, Volkswagen's biggest shareholder, fell by 3.9% and 4.3%, respectively, at market open. Porsche cut its profitability guidance on Friday and announced a delay in the launch of some all-electric models, in further signs of trouble for the company, whose profits were nearly wiped out completely in the second quarter amid pressure in its key market China and higher US tariffs.
As a result of the product delays, Porsche now expects its profit margin this year to reach a maximum of 2%, down from a previously guided range of 5-7%.
Volkswagen, Europe's top carmaker, said it would take a €5.1 billion (US$6 billion) hit from the far-reaching product overhaul at its 75.4%-owned subsidiary. Volkswagen cut its profit margin outlook to 2-3% from 4-5%, while Porsche SE also cut its outlook for profit after tax.
Jefferies analysts commented that Porsche and Volkswagen's outlook revision may be the last but warned that it could give rise to product cycle and brand challenges. One local trader said the strategic decision was "inevitable" and warned that the sports carmaker had become too dependent on electric vehicles. – Reuters
Vietnam Airlines plans to add 30 more wide-body jets to its fleet
Vietnam's flagship carrier, Vietnam Airlines, is planning to add 30 more wide-body jets to its fleet through lease or purchase, it said in an announcement to suppliers released on Monday. The actual delivery for agreed contracts will take place between 2028 and 2030, it said. Boeing 787-9 or Airbus A350-900 are the two models being considered. – Reuters
