Wal-Mart Plans $4.6 Billion Move for South Africa's Massmart

Wal-Mart Stores (WMT) is planning a $4.6 billion offer for South African retailer Massmart.

The deal would value Massmart at 148 rand ($21.10) a share, Bloomberg News said. That's 9.8% higher than the company's last closing price.

"We are continuing to deploy our strategy to accelerate growth and improve returns in our international business and this region of the world fits with our focus on large, high growth markets," Wal-Mart CEO Doug McMillon said in a statement.

Massmart has 290 stores in 13 African countries, with most stores located in South Africa.

The deal would be Wal-Mart's largest since 1999, when it bought U.K. supermarket chain Asda for about $11 billion.

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September 28 2010 at 9:55 AM Report abuse rate up rate down Reply

Someone could start a business in Africa on how to shoplift.

September 28 2010 at 5:38 AM Report abuse rate up rate down Reply

Wonder what this will do to my stock?

September 27 2010 at 10:02 PM Report abuse rate up rate down Reply

There goes the neighborhood! But it will sell really cheap!

September 27 2010 at 5:51 PM Report abuse rate up rate down Reply
R L Baker

Now the Africans can have the wonder of Chineese made junk.

September 27 2010 at 1:37 PM Report abuse +1 rate up rate down Reply