France's Canal Plus is reportedly closer to sealing a deal to buy German distributor Kinowelt. According to Agence France Presse, a report set to be published in German daily Leipziger Volkszeitung on Thursday claims the long-rumored acquisition is near completion.

'There only remain a few points to settle and the deal is done,' a 'well-informed' source told the Leipzig paper. Kinowelt is based in Leipzig. The sale is reportedly worth Euros 70m.

Media reports in December pointed to the eventual deal which, according to this latest report, would see Kinowelt owner Michael Kolmel remain as a consultant and co-chief Bertil Leclaire head up business affairs.

Canal Plus' StudioCanal acquired UK distributor Optimum Releasing in May of 2006.