Tag Archives | Massmart

Massmart achieves best performer status in latest JSE SRI Index

Massmart has been recognised as one of the best performers in the medium environmental impact category of the JSE’s 2011 Socially Responsible Investment (SRI) Index, the results of which were announced yesterday (6 December 2011). According to the results, the group’s environmental and climate change practices were recognised as constituting best practice.   Massmart has […]

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Immediate benefits to be realised

Following the recent closing of the transaction in which Walmart secured a 51% interest in Massmart, the companies have moved swiftly on their promised benefits to South African consumers, demonstrating their commitment to significant job creation, and announcing plans for growing an enhanced food offering, the majority of which will be locally sourced.     […]

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Competition Tribunal accepts merger

The Competition Tribunal today announced that the Walmart and Massmart merger can proceed to finality and has accepted the conditions proposed by Walmart and Massmart, which include the set-up of a R100 million supplier development fund, no merger-related retrenchments for a period of two years as well as continued recognition of SACCAWU for three years […]

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Massmart says imposing procurement targets may lead to job losses

Massmart CEO Grant Pattison has spoken out against some of the conditions that the trade unions and Government Departments seek to have the Competition Tribunal impose on Massmart/Wal-Mart, saying the merged entity would be severely prejudiced and would not be able to compete on an equal footing with its competitors.     One of the […]

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Massmart refutes allegations

Massmart refutes allegations that it did not meet Department of Economic Development information requests       Massmart CEO Grant Pattison has expressed his disappointment at the postponement of the Competition Tribunal Hearings into the Walmart/Massmart merger, while acknowledging that the Tribunal had been placed in a difficult position by recent developments.       […]

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MassMart considering its options

MassMart released a statement yesterday expressing its frustration with the delay in its dealings with Walmart. “Massmart notes the decision taken by the Competition Tribunal today and we are considering our options, with the input of our legal team.”

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Walmart intends asking Lamberti to stay on

It is Walmart’s intention to ask Mark Lamberti to remain on as independent non-executive Chairman should the acquisition of 51% of Massmart by Walmart be approved by the Competition Tribunal.       Lamberti has indicated his willingness to accept such an offer, which would see him lead the process of selecting a new Board […]

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Competition Commission recommends unconditional approval of Wal-Mart transaction

Massmart and Wal-Mart have been notified that the Competition Commission has concluded its investigation and has referred Wal-Mart’s proposed acquisition of 51% of Massmart’s equity to the Competition Tribunal with a recommendation that the transaction be approved without conditions. The next step in the approval process is the Competition Tribunal hearing, followed by its ruling […]

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Competition Commission investigation extended

The Competition Commission has applied to the Competition Tribunal for a 15 day extension to its (the commission’s) investigation period in relation to the proposed Massmart/Wal-Mart transaction, following a request by SACCAWU for an extension to enable the union to present additional evidence. In response Massmart and Wal-Mart today (21 January 2011) participated in a […]

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Massmart recognises SACCAWU’s right to engage in lawful, responsible protest action

Massmart respects SACCAWU’s right to engage in lawful and responsible protest action relating to legitimate issues that are perceived to affect its membership. With specific reference to the meeting held today (17 January 2011), which saw Massmart shareholders voting in favour of Wal-Mart’s offer to acquire 51% of Massmart at a cash price of R148.00 […]

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Massmart shareholders approve Walmart offer

Massmart shareholders have voted in favour of Walmart’s offer to acquire 51% of Massmart at a cash price of R148.00 per share. At a special meeting held at Massmart’s offices in Johannesburg on 17 January 2011, 97.67% percent of shareholders present and entitled to vote, voted in favour of the deal, more than the 75% […]

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Walmart makes offer for 51% of Massmart

Walmart approach formalised as Massmart receives firm offer for controlling interest The Board of Directors of Massmart has received written notice from Walmart of its firm intention to make an all cash offer to acquire 51% of Massmart at a cash price of R148.00 per Massmart ordinary share by way of a scheme of arrangement. […]

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Massmart issues cautionary

Shareholders are referred to the cautionary announcement dated 27 September 2010 wherein shareholders were advised that the Company had received a non-binding proposal from Wal-Mart Stores, Inc (“Walmart”) which could lead to a cash offer to acquire the entire issued share capital of the Company for a price of ZAR148 per share (“the Proposed Offer”). […]

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Walmart to take control of MassMart?

Shareholders are advised that MassMart has received a non-binding proposal from Wal-Mart Stores, Inc, (‘Walmart’) which could lead to Walmart making a cash offer to acquire the entire issued share capital of the company for a price of ZAR148 per share (‘the Proposed Offer’).  In the event that a firm offer is received the board […]

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