S AFRICA: Massmart confirms plans to acquire Fruitspot
Massmart has confirmed plans to acquire the Fruitspot
Massmart has confirmed plans to acquire South African fruit and vegetable supplier The Fruitspot.
"We can confirm that an application relating to the potential acquisition of Fruitspot by Massmart was lodged with the Competition Commission," a Massmart spokesman told just-food today (12 July).
He said that the acquisition is "consistent with the group's stated strategy to grow our fresh fruit and vegetable proposition to customers". The Fruitspot was established in 1989 by brothers Charles, Johnny and Lino Ferreria.
Wal-Mart Stores completed the acquisition of a 51% stake in Massmart in June after winning approval for the transaction from South Africa's Competition Tribunal. One of the conditions of the tribunal's approval was the establishment of a ZAR100m (US$14.6m) fund to help support the development of local suppliers.
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