Deals
Wal-Mart Offers 16.5 Billion Rand for 51% of Massmart
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Wal-Mart Stores Inc., the world’s largest retailer, offered to buy 51 percent of Massmart Holdings Ltd. for 16.5 billion rand ($2.34 billion) and will retain the South African company’s listing on Johannesburg’s bourse.
Wal-Mart has “irrevocable” support for its 148 rand per share offer from shareholders representing 35 percent of Massmart, the companies said in a statement today. Another 15 percent of investors have offered “non-binding” support to the bid.