Wal-Mart to pay $2.3 bn for control of Massmart

Tuesday, November 30, 2010

Wal-Mart made a $2.3 billion formal bid 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 fast-growing continent.

Tying up with Wal-Mart will help discount retailer Massmart speed up its expansion in sub-Saharan Africa and its plan to increase its food retailing business, the South African firm'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 U.S. firm.

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