Wal-Mart’s African Offer
(Money Control) — Walmart, the world’s largest retailer by sales, has offered USD 2.4bn for a majority stake in the South African company Massmart, as it looks to enter the fast-growing African consumer market. Massmart is the third-biggest retailer in South Africa, with 288 stores including outlets in 13 other African countries. Walmart revealed its intention to pursue a full takeover of the company in September, but was forced to scale back the bid after leading shareholders insisted on retaining exposure to Massmart.
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