Wal-Mart in talks to buy South Africa`s Massmart
source: BBC News
A Wal-Mart store in Massachusetts, USA Wal-Mart is expanding into emerging markets
Wal-Mart, the world’s largest retailer, is in talks to buy South African wholesaler Massmart in a deal worth more than $4bn.
Wal-Mart has tabled an offer of 148 rand a share, which values Massmart at about 30bn rand ($4.1bn; £2.7bn)
Declining sales in the US have led to Wal-Mart pushing into emerging markets to maintain growth.
Strong sales in China, Brazil and Mexico helped it to record a second-quarter profit of $3.6bn in 2010.
A firm foothold in Africa would see Wal-Mart add to its expansion plans.
“South Africa presents a compelling growth opportunity for Wal-Mart and offers a platform for growth and expansion in other African countries,” said Andy Bond, executive vice-president of Wal-Mart for [continue reading]