Content about South Africa

December 14, 2012

Turkish retailer Migros appears to fit Walmart’s acquisition criteria even if the timing of a potential deal is less than ideal.

Turkish retailer Migros appears to fit Walmart’s acquisition criteria even if the timing of a potential deal is less than ideal.

Turkey’s leading retailer has been in the headlines a lot this year because the company’s private equity owner, BC Partners, is reportedly looking to dump its ownership position roughly four years after acquiring a majority stake. Various international retailers are said to have had discussions with BC Partners and Walmart is the latest, according to reports this week by the Financial Times, Reuters and other international sources.

August 5, 2011

Operating internationally is full of pitfalls and political peculiarity, as Walmart has again discovered in South Africa where various government officials are attempting to wring additional concessions from the company related to its acquisition of Massmart.

Operating internationally is full of pitfalls and political peculiarity, as Walmart has again discovered in South Africa where various government officials are attempting to wring additional concessions from the company related to its acquisition of Massmart.

August 5, 2011

Operating internationally is full of pitfalls and political peculiarity, as Walmart has again discovered in South Africa where various government officials are attempting to wring additional concessions from the company related to its acquisition of Massmart.

Operating internationally is full of pitfalls and political peculiarity, as Walmart has again discovered in South Africa where various government officials are attempting to wring additional concessions from the company related to its acquisition of Massmart.

July 22, 2011

The ministers of economic development, trade and industry and agriculture, forestry and fisheries in South Africa are protesting the nation’s Competition Tribunal’s approval of a merger agreement between Walmart and Massmart.

The ministers of economic development, trade and industry and agriculture, forestry and fisheries in South Africa are protesting the nation’s Competition Tribunal’s approval of a merger agreement between Walmart and Massmart. The three government entities are seeking to set aside a ruling that allowed Walmart to acquire a 51% ownership stake in Massmart last month on the grounds that the tribunal acted irregularly with regard to matters of documents presented during the discovery process and the scheduling of decisions.

June 14, 2011

A Tuesday report by Bloomberg said that South Africa’s Economic Development Ministry made an “aggressive intervention” in Wal-Mart Stores’ bid to buy a stake in Massmart Holdings Ltd.

JOHANNESBURG, South Africa — A Tuesday report by Bloomberg said that South Africa’s Economic Development Ministry made an “aggressive intervention” in Wal-Mart Stores’ bid to buy a stake in Massmart Holdings Ltd.

 South Africa’s Trade, Economic Development and Agriculture Ministries made a joint bid to the Competition Tribunal to force Wal-Mart to restrict imports if it buys a controlling stake in Johannesburg-based Massmart, concerned about job losses.

May 31, 2011

It may have taken longer than originally thought, but competition authorities in South Africa cleared the way for Walmart to move forward with its acquisition of Massmart, the company announced Tuesday.

It may have taken longer than originally thought, but competition authorities in South Africa cleared the way for Walmart to move forward with its acquisition of Massmart, the company announced Tuesday.

May 17, 2011

Wal-Mart Stores may give up its quest to buy a controlling stake in South Africa’s Massmart Holdings Ltd., if South Africa forces local procurement conditions on the retailers, the companies said, the Associated Press reported.

NEW YORK — Wal-Mart Stores may give up its quest to buy a controlling stake in South Africa’s Massmart Holdings Ltd., if South Africa forces local procurement conditions on the retailers, the companies said, the Associated Press reported.

May 9, 2011

Massmart Holdings Ltd. promised to add jobs if Wal-Mart Stores is allowed to buy a controlling stake in the South African wholesaler, CEO Grant Pattison.

NEW YORK — Massmart Holdings Ltd. promised to add jobs if Wal-Mart Stores is allowed to buy a controlling stake in the South African wholesaler, CEO Grant Pattison. His remarks were made on Monday at a tribunal in Pretoria, South Africa, that will determine whether Wal-Mart will be able to go through with the deal.

“We’ll add about 20%more trading space over the next three years,” Pattison said, according to Bloomberg. Growth in floor space will be accompanied by additional jobs, while current posts will also be secure, he said.

January 17, 2011

The shareholders of South African Massmart chain have overwhelmingly accepted Wal-Mart's offer to buy 51% of their company, the chief executive said Monday, paving the way for Wal-Mart to enter Africa.

NEW YORK -- The shareholders of South African Massmart chain have overwhelmingly accepted Wal-Mart's offer to buy 51% of their company, the chief executive said Monday, paving the way for Wal-Mart to enter Africa.

Massmart said the proposal was approved by 97% of shareholders who voted Monday -- 75% approval had been needed. Wal-Mart offered 148 rand (about $20) per share in a 17 billion rand (about $2 billion) deal.

The deal will have to be approved by South Africa's anti-monopoly regulators.

January 14, 2011

Dow Jones this morning reported that South African retailer and Walmart takeover target Massmart Holdings has given assurances it will continue to honor all agreements with labor unions and local labor laws if the buyout goes through. That’s what Walmart and Massmart have been saying since the deal was announced last year but they have to keep saying it because union activists are everywhere in the world. In this case, a shareholders meeting is planned for next week to vote on the deal and the union known as South Africa Commerical, Catering and Allied Workers Union had previously indicated it would protest at the meeting. Protest what?

Dow Jones this morning reported that South African retailer and Walmart takeover target Massmart Holdings has given assurances it will continue to honor all agreements with labor unions and local labor laws if the buyout goes through. That’s what Walmart and Massmart have been saying since the deal was announced last year but they have to keep saying it because union activists are everywhere in the world.

September 27, 2010

Walmart and Africa’s leading retailer Massmart Holdings Limited are in talks that could lead to a $4.4 billion deal, the companies announced early Monday.

Walmart and Africa’s leading retailer Massmart Holdings Limited are in talks that could lead to a $4.4 billion deal, the companies announced early Monday. The nonbinding proposal outlined by the companies envisions an all cash deal in which Walmart would pay 148 South African Rand, or roughly $21 per share, to acquire Massmart’s outstanding shares.

September 26, 2010

Walmart and Africa’s leading retailer Massmart Holdings Limited are in talks that could lead to...