South African antitrust authorities approved Wal-Mart Stores Inc. ’s 16.5 billion rand ($2.4 billion) takeover of Massmart Holdings Ltd. with the same conditions proposed by the retailers, angering labor unions.
South Africa’s Trade Minister Rob Davies said Wal-Mart Stores Inc. ’s bid to buy a majority stake in Massmart Holdings Ltd. may result in a “surge” in imports that could have a “destabilizing” impact on the economy.
Wal-Mart Stores Inc.’s U.K. supermarket chain Asda said Andy Bond stepped down as part-time chairman, less than a year after he was succeeded as chief executive officer by Chief Operating Officer Andy Clarke .
Wal-Mart Stores Inc.’s U.K. supermarket chain Asda said Andy Bond stepped down as part-time chairman and will leave the U.S. retailer after the acquisition of South Africa’s Massmart Holdings Ltd. is completed.
Wal-Mart Stores Inc.’s Asda Group Ltd. agreed to buy Netto’s 193 U.K. discount supermarkets for 778 million pounds ($1.13 billion) as it fights to retain its No. 2 position in Britain’s food retailing market.