News

Industries

Companies

Jobs

Events

People

Video

Audio

Galleries

My Biz

Submit content

My Account

Advertise with us

Court to rule on Wal-Mart bid

Wal-Mart will learn at the end of next week if its bid to gain a foothold in Africa by buying 51% of South African retailer Massmart has been rejected on appeal, a report said on Wednesday, 29 February 2012.

The R16.5-billion ($2.2-billion, 1.6-billion-euro) merger got the green light from anti-trust regulators last May, but three government ministries appealed, arguing the companies should be ordered to show how local business would be affected and how they would mitigate the impact.

The Competition Appeal Court in Cape Town will hand down its ruling on Friday next week, the Sapa news agency reported, saying Judge Dennis Davis could either throw out the appeal, impose new conditions on the merger or send it back to the competition tribunal for new hearings.

South Africa's powerful trade unions have sharply criticised the deal, saying Wal-Mart's entry would hurt local manufacturers by increasing imports.

Massmart runs nine wholesale and retail chains with 288 stores in 14 African countries.

Source: AFP

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za
Let's do Biz