WAL-MART, the world’s largest retailer, yesterday announced its long-awaited purchase of a South African business when it said it would buy Johannesburg-based Massmart for R29,8bn.
The deal, a boost of confidence in SA as a springboard into the growing African market, also comes out of Wal- Mart’s need to expand abroad as consumers at home struggle out of recession.
The purchase, which both companies said was at a preliminary stage and one for which no formal offer had been made, would be the largest single US direct investment in this country to date.
Much has yet to be finalised about the deal, which is likely to take at least five months to complete and is still subject to shareholder and regulatory approval.
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http://www.businessday.co.za/articles/Content.aspx?id=122093
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