Walmart Eyes African Market
September 27, 2010,
BENTONVILLE, Ark.-Walmart has made a preliminary, non-binding proposal to acquire South African retailer Massmart Holdings, which, if successful, would represent the company's first retail operations on the African continent.
According to the proposal, Walmart would make a cash offer for Massmart that would be worth about $21 per share.
"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," said Doug McMillon, president and chief executive officer of Walmart International.