United States retail giant Walmart Inc. has signed a deal to buy the remaining 47% stake of South African retail company Massmart.
Massmart said this week that it had been offered R6.4 billion for the remaining shares.
Walmart entered the South African market in 2010 to strong opposition from COSATU but eventually managed to secure a majority stake in Massmart.
Walmart says that until now it has not been able to secure dominance of the South African market due to tough competition and believes the acquisition will allow it to make Massmart more competitive.
The deal is expected to be completed by the end of the year.
[Image: MikeMozartJeepersMedia, https://commons.wikimedia.org/w/index.php?curid=32354206]