MMRTY.PK: Massmart Hldgs Adr StockTalks

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Wednesday, February 22, 2012, 12:32 PM South 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! [Consumer, M&A, Global & FX]
Thursday, October 20, 2011, 9:01 AM Wal-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! [Global & FX, Consumer, M&A]
Thursday, July 21, 2011, 10:12 AM South Africa's government appeals a decision by its own regulators to allow Wal-Mart's (WMT +0.8%) $2.4B takeover of Massmart (MMRTY.PK) . However, it's not immediately clear what impact the move, nor any promised appeal by the union, could have on the deal. (previous) Comment! [M&A, Consumer]
Monday, June 20, 2011, 9:54 AM 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. Comment! [Consumer, Global & FX, Top Stories, M&A]
Tuesday, May 31, 2011, 8:48 AM South Africa approves Wal-Mart's (WMT +0.4%) $2.4B bid for retailer Massmart (MMRTY.PK) without conditions on local procurement that could have led to Wal-Mart abandoning the deal. Unions, though, had threatened the "mother of all boycotts" if the deal were approved. (previous) Comment! [M&A, Consumer]
Monday, May 30, 2011, 8:24 AM South Africa's competition regulator will tomorrow announce its decision on Wal-Mart's (WMT) $2.4B offer for 51% of local retailer Massmart (MMRTY.PK). Wal-Mart's bid is seen as a test case for major foreign investment in South Africa. (previous) Comment! [M&A, Consumer]
Monday, May 16, 2011, 11:41 AM Wal-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 [M&A, Consumer]
Monday, February 14, 2011, 9:54 AM African retailer Massmart (MMRTY.PK) says the South African competition commission recommended approval of Wal-Mart's (WMT -0.9%) proposed $2.4B offer to buy a controlling stake in the company, even as labor unions plan to protest against the deal in a final hearing. (previous) Comment!
Wednesday, February 2, 2011, 12:51 PM Massmart's (MMRTY.PK) $2.4B sale of a controlling stake to Wal-Mart (WMT) gets the conditional OK from a South African high court, leaving just a few hurdles left - though the tie-up still leaves the threat of boycotts. (previously) Comment!
Tuesday, January 18, 2011, 8:10 AM Wal-Mart's (WMT) $2.3B bid for Massmart (MMRTY.PK) is set to move ahead, after ~79% of Massmart shareholders approve the deal. Highly influential COSATU, S.Africa's largest labor union, warns it will organize the "mother of all boycotts" in opposition. Comment!
Monday, November 29, 2010, 7:23 AM Wal-Mart (WMT) confirms it made a formal $2.3B offer for a 51% stake in South Africa's Massmart (MMRTY.PK), and Massmart recommends shareholders accept the deal. The tie-up will speed Massmart's sub-Saharan Africa expansion and give Wal-Mart a strong presence in the region. (previously) Comment!
Wednesday, October 27, 2010, 8:48 AM Wal-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

MMRTY.PK Massmart Hldgs Adr

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Massmart Hldgs Adr