Wal-Mart Seeks to Enter Africa With $4.6 Billion Deal

Wal-Mart Stores Inc., the world’s largest retailer, plans to buy Massmart Holdings Ltd. in a transaction worth about $4.6 billion, entering Africa in its biggest deal in more than a decade.

Wal-Mart’s proposed offer of 148 rand ($21.10) a share would value South Africa’s second-largest listed retailer at about 32 billion rand including share options, Massmart Chief Executive Officer Grant Pattison said today. The offer price is 9.8 percent higher than Massmart’s last closing price and 66 percent above the share price at the end of last year.