• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Walmart gets conditional Namibia nod

Mar 06 2012 11:53 Reuters

Company Data

MASSMART HOLDINGS LIMITED [JSE:MSM]

Last traded 158
Change 2
% Change 1
Cumulative volume 283137
Market cap 0

Last Updated: 24-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Crucial Walmart verdict out soon

Massmart ups profit on forex

Shoprite sees scope for 700 stores in Nigeria

Price cuts boost Walmart US in Q4

US keeps close eye on Walmart appeal

Walmart raises dividend

 
Windhoek - Namibia's trade and industry minister is giving Walmart's takeover of Massmart Holdings [JSE:MSM] approval, provided it does not lead to job losses within the first two years, a Namibian newspaper reported on Tuesday.

Walmart must also allow the Namibian Food and Allied Workers Union to keep representing Massmart's workers during the same period, the newspaper quoted Trade and Industry Minister Hage Geingob as saying.

Last year, Walmart took a 51% stake in Massmart, which operates in 14 African countries including Namibia.

However, the Namibian Competition Commission went to court seeking that some conditions be imposed on the US retail giant.

Walmart launched its own court bid to have the conditions declared unlawful.

Namibia's supreme court ruled last year that Geingob would have the final say on whether conditions attached to the deal were adequate.

"I consider that the conditions strike an appropriate balance between the potential economic benefits of the merger and the public interest considerations," the Namibian reported Geingob as saying.

"I regard the case as closed. Let them come and work here so that we can develop the country."

Walmart and Massmart are also awaiting judgments on appeals from the South African government, which is seeking to attach more conditions to the group's $2.4bn deal.
namibia  |  massmart  |  walmart

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...