Home Tags Walmart
Retailer Massmart is to use the international reach of US parent company Walmart to increase export opportunities for emerging South African wine makers under its Developing Wine Brand programme, the company said on Friday.
US consumers will soon be able to serve hake caught off the southern African coastline on their tables, following a deal between South African fishing company Oceanfresh and global retail giant Walmart.
Walmart's acquisition of a majority stake in local retailer Massmart raised no competition concerns, while the public interest issues raised were sufficiently addressed by the conditions imposed on the US retailer, says South Africa's Competition Tribunal.
Following approval of Walmart's R16.5-billion acquisition of a controlling stake in South African retailer Massmart, the US company has appointed its CEO, Doug McMillon, and two other senior employees as non-executive directors on the board of Massmart.
US retailer Walmart says it is looking forward to boosting South African exports, creating new jobs in the country, and using its controlling stake in local retailer Massmart to expand in the southern African region, following the competition authorities' approval of the merger.
US-based multinational retailer Wal-Mart Stores has made a non-binding proposal to acquire Massmart Holdings, owner of brands like Game, Dion Wired and Makro, valuing the South African company at around R30-billion (US$4.2-billion).