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Massmart eyes fresh produce supplier

Jul 12 2011 09:29 Reuters

Company Data

MASSMART HOLDINGS LIMITED [JSE:MSM]

Last traded 137.50
Change 7
% Change 0.05
Cumulative volume 173966
Market cap 29.85bn

Last Updated: 24/04/2014 at 03:15. Prices are delayed by 15 minutes. Source: McGregor BFA

THE SPAR GROUP LIMITED [JSE:SPP]

Last traded 125.00
Change 1.14
% Change 0.01
Cumulative volume 257576
Market cap 21.65bn

Last Updated: 24/04/2014 at 03:17. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Massmart Holdings [JSE:MSM] is looking to buy a local fresh produce supplier just weeks after its own acquisition by US retail giant Walmart, Business Day reported on Tuesday, citing a spokesperson.
 
"Massmart can confirm that an application relating to the potential acquisition of Fruitspot by Massmart was lodged with the Competition Commission today," Massmart spokesperson Brian Leroni is reported as saying.

Johannesburg-based Fruitspot supplies other retailers, including listed chain Spar Group [JSE:SPP], the report said.

Walmart, the world's largest retailer, finalised a $2.4bn purchase of 51% of discount retailer Massmart, after winning approval with minimal conditions from South Africa's competition authorities.

Under the conditions, Massmart must not cut jobs for two years, honour existing labour agreements and work to develop local suppliers. Unions had demanded strict targets on using local manufacturers.
walmart  |  spar group  |  massmart holdings
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