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Walmart set to pay £1.5bn for Massmart

first_img whatsapp Walmart set to pay £1.5bn for Massmart Share Monday 29 November 2010 7:52 pm Tags: NULL whatsappcenter_img KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Centerthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Show Comments ▼ WALMART is to pay 16.5bn rand (£1.5bn) 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 continent.The Wal-Mart tie-up will help discount retailer Massmart speed up expansion in sub-Saharan Africa and increase its food retailing business, the South African company’s chief executive said yesterday.The deal will also likely pit Wal-Mart, which has long battled with organised labour in the United States, against South Africa’s powerful trade unions, some of which have threatened to strike against the US giant.Massmart’s chief executive, Grant Pattison, said the company would retain its local listing and South African management after the deal. The two companies said in a joint statement Wal-Mart would pay 148 rand per share for a 51 per cent stake in the South African company, which has a presence in 14 countries in Africa. Wal-Mart said in September it was looking to buy up to all of the South African retailer, but scaled that back to more than 50 per cent – to ensure it took control – last month. last_img read more