South Africas Massmart share price jumps 12% to ZAR 151 before dropping back
South AfricasMassmart share price jumped 12% to ZAR 151 before dropping back to ZAR 148 bymid-morning on the news that Arkansas-based Wal-Mart made a non-binding offerof ZAR 148/share, or ZAR 29.8bn, for the company. Massmart has 290 stores in 13African countries, a smaller sub-Saharan footprint than Shoprite which had beenunder consideration. The offer is subject to various pre-conditions including adue diligence process set to start immediately. Massmart is the largestdistributor of consumer goods in Africa with a market cap of ZAR 27.2bn and201.5mn ordinary shares in issue.
South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more
South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more
Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more
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