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Wal-Mart bids for Massmart
By David Dolan |
November 30, 2010, Tuesday
|
Print Edition
Print Edition
Wal-Mart has made a US$2.3 billion formal bid for control of Massmart, giving the world's largest retailer a substantial presence in South Africa and paving the way for further expansion across the fast-growing continent.
Tieing up with Wal-Mart will help discount retailer Massmart speed up its expansion in sub-Saharan Africa and its plan to increase its food retailing business, the South African firm's chief executive said yesterday.
Chief Executive Grant Pattison said the company would retain its South African management and local identity after the deal.
"What isn't going to happen is a bunch of Wal-Mart people around here start running the company," he said on a conference call with reporters.
By taking 51 percent of Massmart, Wal-Mart will gain control of the firm and keep it listed in Johannesburg, which may have been critical in getting a go-ahead from South African authorities.
Tieing up with Wal-Mart will help discount retailer Massmart speed up its expansion in sub-Saharan Africa and its plan to increase its food retailing business, the South African firm's chief executive said yesterday.
Chief Executive Grant Pattison said the company would retain its South African management and local identity after the deal.
"What isn't going to happen is a bunch of Wal-Mart people around here start running the company," he said on a conference call with reporters.
By taking 51 percent of Massmart, Wal-Mart will gain control of the firm and keep it listed in Johannesburg, which may have been critical in getting a go-ahead from South African authorities.
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