Wal-Mart Stores may scale back its bid for Massmart to keep the South African retailer listed on the Johannesburg Stock Exchange.

Following consultations with major Massmart shareholders and key South African stakeholders, Wal-Mart is now considering a partial offer to “acquire in excess of 50% of the entire issue of the issued share capital,” Massmart said in a statement to the Stock Exchange today (28 October).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

The company reaffirmed Wal-Mart’s offer at ZAR148 (21.03) per share. The world’s largest retailer made a bid for the South African chain on 27 September and the deal would be its first foray onto the African continent.

Shares in Massmart were down 0.35% at 11:21 SAST

Just Food Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Food Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving food industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now