Walmart-Massmart Merger Approved
June 3, 2011,
BENTONVILLE, Ark.-The merger of Walmart and South African retailer Massmart has received the approval of the country's Competition Tribunal.
According to a Walmart statement, the combined entity is planning "significant new-store openings," and it's anticipated that the Massmart food business will increase 50 percent over the next five years. Part of the deal includes the setup of a "supplier development fund" of about $15 million, as well as re-employing more than 500 workers who were laid off last year, prior to the announcement of the proposed merger.