Walmart Stores has secured anti-trust approval for its bid to buy a 51% stake in South African retailer Massmart.South Africa's Competition Tribunal t waved through Walmart's $2.3 billion acquisition, although it attached conditions to its decision.
Local trade unions had expressed their opposition to the move and the US retailer had also faced criticism within government circles for not offering binding commitments on issues like procurement, safeguards for small businesses and black economic empowerment.
The Tribunal's verdict did insist that the retailers make no "retrenchments" for two years after the acquisition. Walmart and Massmart must also honor existing labor agreements for three years and set up a $14.6 million fund to help support the development of local suppliers.
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