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Massmart down 5% on corporate action

Johannesburg - As expected by traders, shares in Massmart Holdings [JSE:MSM] fell 5.49% during trade on Friday, due to corporate action.

Thursday was the last day for investors to buy Massmart shares if they wanted to participate in the scheme in which Walmart would buy 51% of the JSE-listed group.

"There's nothing untoward going on. It's just due to the corporate action, and the selling of 51% at R148 a share," a local trader said.

Walmart's R16.5bn bid for 51% of Massmart, owner of Game, Makro, Builders Warehouse and others, won Competition Tribunal approval last month with minimal conditions.

At 11:22 shares were trading at R133.66 from R141.25.

 
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