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Massmart Holdings Ltd. ADR (MMRTY)

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  • Feb. 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.
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  • Oct. 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.
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  • Jul. 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)
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  • Jun. 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.
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  • 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)
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  • 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)
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  • 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)
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Company Description
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
Country: South Africa