Massmart shareholders approve Wal-Mart deal
January 18, 2011-- Home Textiles Today,
Johannesburg, South Africa - Massmart shareholders voted yesterday in favor of Wal-Mart's offer to acquire a 51% stake of the retailer at a cash price of about $2.4 billion.
Massmart group operates nine wholesale and retail chains as well as one buying group. The company's four operating divisions follow a model similar to Wal-Mart's - high volumes and low-cost distribution - with 288 stores and 470 buying group members in 14 countries in sub-Saharan Africa.