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Name | Symbol | Market | Type |
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Massmart Holdings Ltd (PK) | USOTC:MMRTY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 6.80 | 6.54 | 8.27 | 0.00 | 01:00:00 |
The Namibian Competition Commission said late Wednesday it has lodged an appeal with the Namibian High Court to overturn a previous decision not to enforce conditions on Wal-Mart Stores Inc.'s (WMT) merger with South African retailer Massmart Holdings Ltd. (MSM.JO).
"The Commission has lodged an appeal against the judgment on June 1, 2011. The Commission has regard that this matter has gained national prominence and would want to inform the public that the appeal is now before the court," the Competition Commission said in a statement.
The High Court of Namibia ruled in April that conditions imposed by the Commission on the merging retailers were not valid.
On Tuesday, South Africa's Competition Tribunal approved the proposed $2.4 billion merger that will allow Wal-Mart to acquire a 51% stake in Massmart. The South African Tribunal did place some conditions on the deal which had been volunteered by the merging parties previously and focused on labor union agreement promises and a firing freeze for two years.
Wal-Mart said the deal should close in the coming weeks.
-By Devon Maylie, Dow Jones Newswires; +27 (11) 783 7848; devon.maylie@dowjones.com
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