Massmart said today (2 February) that a South African high court has approved Wal-Mart Stores’ bid to acquire a 51% stake in the grocery retailer for around US$2.3bn.
The approval is conditional on regulatory approval from the competition authorities and Financial Surveillance Department of the South African Reserve Banks, Massmart said.
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The decision follows an announcement last week that the South African Competition Tribunal has extended the deadline for the Competition Commission to submit its recommendations. The decision has been extended by 15 days in response to an application by the competition commission to submit evidence from labour unions opposed to the deal.
