Massmart (PK) (USOTC:MMRTY)
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African retailer Massmart Holdings Ltd. (MSM.JO) says the South African competition commission has recommended approval of Wal-Mart Stores Inc.'s (WMT) proposed $2.4 billion offer to buy a controlling stake in the company.

No date has been set for the tribunal hearing, Massmart said over the weekend.

"It is difficult to predict exact timing as this is largely dependent on the availability of suitable dates on the Tribunal's roll," said Massmart Chief Executive Grant Pattison.

In January, Massmart said almost 98% of its shareholders voted in favor of the deal to sell a 51% stake to Wal-Mart at 148 rand a share. The transaction needed the support of at least 75% of Massmart shareholders.

The retailer is also holding discussions with the South African Commercial, Catering and Allied Workers Union, which has concerns about the deal.

Massmart operates several wholesale and retail chains, including Game general-merchandise stores, Builders Warehouse for construction and Makro warehouse-club stores. The bulk of the company's 288 stores are in South Africa, although Massmart also operates in 13 other sub-Saharan countries.

-By Devon Maylie, Dow Jones Newswires; +44 (20) 7842 9483; devon.maylie@dowjones.com