Massmart Shareholders Approve Walmart Acquisition

JOHANNESBURG, South Africa--The shareholders of Massmart, the South African retail holding company, have voted to approve Walmart's offer to acquire 51 percent of Massmart's shares.

In a session held yesterday, 97.67 percent of the shareholders voted in favor of the deal, according to a Massmart statement. The statement added that the deal must now be approved by the South African Courts and the Competition Authorities. The courts are expected to make their recommendation this month, and Massmart said it hopes the Competition Authorities will meet on the deal in February.

If and when the deal is finalized, it will represent Walmart's first entry into Africa.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


Current Issue

  • HFN May digital issue


    May 2017

    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money