South Africa’s Massmart share price jumps 12% to ZAR 151 before dropping back

By bne IntelliNews September 27, 2010
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.

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