Massmart shareholders approve Wal-Mart deal
HTT Staff -- Home Textiles Today, 1/18/2011 2:23:47 PM
Johannesburg, South Africa - Massmart shareholders voted yesterday in favor of Wal-Mart's offer to acquire a 51% stake of the retailer at a cash price of about $2.4 billion.
Massmart group operates nine wholesale and retail chains as well as one buying group. The company's four operating divisions follow a model similar to Wal-Mart's - high volumes and low-cost distribution - with 288 stores and 470 buying group members in 14 countries in sub-Saharan Africa.
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