Walmart Offers to Buy 51 Percent of Massmart
BENTONVILLE, Ark.--Following through on plans announced in September, Walmart has made an offer to acquire 51 percent of the shares of Massmart Holdings, the South African retail holding company.
The offer would cost Walmart $20.56 a share using today's conversion rate of the South African rand to the U.S. dollar. A Walmart statement said the Massmart board of directors has unanimously recommended the offer to the company's shareholders.
If the purchase takes place, it would represent Walmart's first presence on the African continent. Massmart manages nine wholesale and retail chains and one buying group, and operates in 14 countries in sub-Saharan Africa through four divisions that encompass 288 stores.