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Wal-Mart’s Massmart Takeover Bid Approved, Angering Unions

South African antitrust authorities approved Wal-Mart Stores Inc.’s 16.5 billion rand ($2.4 billion) takeover of Massmart Holdings Ltd. with the same conditions proposed by the retailers, angering labor unions.

The companies must ensure no jobs are cut for two years and that existing labor agreements are honored for three years after the purchase, the Pretoria-based Competition Tribunal said in an e-mailed statement today. Wal-Mart and Massmart should also establish a 100 million-rand supplier-development fund, it said.