Massmart Shareholders Approve Walmart Acquisition
Posted on January 18, 2011 by
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.