Wal-Mart makes U.S. $4 billion bid for South Africa’s Massmart
September 28 , 2010
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Wal-Mart, the world’s largest retailer, offered $4.1 billion to buy Massmart, a wholesaler and retailer based in South Africa, Reuters reported this week.
A completed deal would give the U.S.-based giant a foothold in southern Africa. Massmart, based in Johannesburg, operates nearly 290 stores in 14 countries in southern Africa. It is the leading retailer of food in the region.
Massmart CEO Grant Pattison said the deal, if it is completed, is at least 5 months off, according to the company's website.
Africa’s emerging middle class make it an attractive market for international companies, Reuters said.
Photo: Walmart
Source: www.freshfruitportal.com
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