South Africa approves Wal-Mart's bid for Massmart.

By bne IntelliNews June 1, 2011
South Africa's Competition Tribunal has approved Wal-Mart's proposed acquisition of 51% of South African retailer Massmart with several conditions, Massmart said in a statement. The authority said that Wal-Mart will not initiate redundancies at Massmart for two years for merger specific reasons and that the transaction parties have pledged there would not be a significant decrease in net procurement from local manufacturers. Last November, the world's largest retailer by sales expressed plans to buy a 51% stake in Massmart for some USD 2.38bn. With 2010 sales of USD 6.8bn, Massmart employs 27,000 employees in 14 countries in sub-Saharan Africa and operates 288 stores within four divisions.
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