Wal-Mart Closes On US$4.1bn South Africa Acquisition

Wal-Mart has made a real statement of intent by bidding ZAR148 per share for the diversified South African retailer Massmart. The bid from the world's largest retailer represents a 9.8% premium on Massmart's closing share price of ZAR134.75 on September 23 2010 and values the company at ZAR28.9bn (US$4.1bn) and could lead to a cash offer. Predominatly a wholesaler, Massmart is one of Africa's leading fast-moving consumer goods (FMCG) distributors.

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