Walmart Takes One Step Closer To South Africa
Published on Feb 16 2011 10:15 AM in Retail
There are no competition concerns with US supermarket giant Walmart acquiring a majority stake in a South African grocery firm, the country’s Competition Commission announced this week. Walmart made a US$2.3 billion offer to acquire 51 per cent of the grocery company Massmart Holdings in November 2010.
The Commission’s findings were forwarded to the Competition Tribunal in order for them to make the final decision on whether to approve the deal. Walmart and Massmart stated that they would abide by South African law and source the majority of products locally. Following the Commission’s announcement, Grant Pattison, CEO of Massmart, commented, "We now look forward to constructive participation within the tribunal process to enable a final decision to be made." (16 Feb)
© 2011 - ESM: European Supermarket Magazine