SA’s competition authority has recommended that Massmart’s sale of Cambridge Food, Rhino and Massfresh to Shoprite for R1.36 billion be approved.
This forms part of the requisite regulatory approvals, with the Competition Commission recommending to the Competition Tribunal that the deal be approved, according to a market announcement on Friday.
Massmart will use the financial proceeds from the sale to pay down debt, invest in e-commerce, and expand its general merchandise, DIY and wholesale food and liquor businesses. In a trading update for the 19 weeks to 8 May, Massmart reported a 0.2% fall in its sales, which came to R30.4 billion for the period.
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