Wal-Mart (WMT +0.1%) closes a deal to acquire a 51% stake in South African-based Massmart...

|About: Wal-Mart Stores, Inc. (WMT)|By:, SA News Editor

Wal-Mart (WMT +0.1%) closes a deal to acquire a 51% stake in South African-based Massmart (MMRTY.PK) for 148 rand, or $21.80, per Massmart ordinary share. Under the agreement, Wal-Mart will be entitled to nominate the chairman and three non-executive directors to Massmart's board. However, Wal-Mart has asked Massmart's Mark Lamberti to stay on as chairman.