Will SA get the better of Walmart?
Walmart eventually got its hands on all of Massmart: maybe it’s the best deal it could have hoped for
It probably ranks as the longest, most drawn-out takeover in SA corporate history. With luck, by the end of 2022 Walmart should be able to wrap up the purchase of the 47% of Massmart it doesn’t already own. That will be just over 12 years after the US retail giant first approached Massmart with an offer for 100% of the shares.
As it happens, share price valuations and exchange rate moves since 2010 mean Walmart will be getting the whole SA business for about 30% less than it initially intended paying for the 100% it wanted. What’s more, it’s a considerably larger business and one Walmart knows well, having spent at least three years aggressively cleaning it up. ..
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