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Feb. 22, 2012, 12:32 PMSouth African retailer Massmart (MMRTY.PK) says it's going ahead with operational changes under Wal-Mart's (WMT) purchase of a majority stake even though the deal hasn't received a final ruling. The South African government is trying to impose stricter guidelines on the deal, while unions are seeking to have it overturned. | Comment!
Oct. 20, 2011, 9:01 AMWal-Mart's (WMT) purchase of Massmart (MMRTY.PK) is under the spotlight of regulators in South Africa after the government filed a lawsuit compelling the review of its prior approval of the deal. Wal-Mart international CEO Doug McMillon says the company can't commit to procurement targets requested by officials, but is "happy" to invest and grow the local supplier base. | Comment!
Jul. 21, 2011, 10:12 AM
Jun. 20, 2011, 9:54 AMWal-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. | Comment!
May. 31, 2011, 8:48 AM
May. 30, 2011, 8:24 AM
May. 16, 2011, 11:41 AMWal-Mart (WMT +0.5%) says it might walk away from its $2.4B Massmart (MMRTY.PK -0.5%) merger if South Africa imposes supplier conditions and worker rehires favored by its Competition Commission. The companies say they won't accept conditions, but are still sending trial balloons of possible voluntary pledges. (previously) | 1 Comment
Feb. 14, 2011, 9:54 AM
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Nov. 29, 2010, 7:23 AM
Oct. 27, 2010, 8:48 AMWal-Mart (WMT) is now in its fifth week of due diligence on Massmart (MMRTY.PK), the South African firm Wal-Mart may buy for 32B rand ($4.6B). Masmmart, which operates warehouse-sized discount retail stores, would give Wal-Mart a head start in sub-Saharan Africa over European rivals Carrefour (CRERY.PK) and Tesco (TSCDY.PK). | 1 Comment
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Massmart is a South African-based globally competitive regional management group, invested in a portfolio of differentiated, complementary, focused wholesale and retail formats, each reliant on high volumes and operational excellence as the foundation of price leadership, in the distribution of... More
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