Walmart launched a R6.4bn buyout bid for minority holdings in Massmart on Monday, sending shares in the struggling SA subsidiary skyrocketing and underlining its renewed commitment to one of Africa’s most lucrative retail markets.

Walmart will pay R62 a share for the 47% stake it does not already own, a 53% premium to the closing share price on Friday and a 68.7% premium to the 30-day volume-weighted average price, up until the day before the announcement...

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