US retail giant Walmart has signed an agreement to begin buying the 47% stake in South African retailer Massmart it does not own, the companies said in a joint statement on Thursday. Moneyweb BusinessNews
US retail giant Walmart has signed an agreement to begin buying the 47% stake in South African retailer Massmart it does not own, the companies said in a joint statement on Thursday. Massmart had said on Monday that its majority owner Walmart had offered it R6.4 billion to purchase the remaining shares and to delist the company from the Johannesburg Stock Exchange.
Read: Why Walmart wants to buy out and delist Massmart The firm intention essentially means that the company has the cash in hand to go ahead with the purchase and will now seek approval of authorities. The two boards are of the view the proposed transaction would enable Walmart to continue its “overweight” support as a long-term shareholder and allow Massmart shareholders to realise value, they said.
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