Massmart (PK) (USOTC:MMRTY)
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South African retailer Massmart Holdings (MSM.JO) said Wednesday that its expansion plans in the rest of Africa will be mostly achieved without mergers and acquisitions.

Wal-Mart Stores Inc (WMT) just completed a $2.4 billion merger with Massmart Holdings for a 51% stake in the company last week following an approval from South African competition authorities at the start of June.

"We plan to grow mostly organically out of South Africa, there are not a lot of targets," Massmart Chief Executive Grant Pattison said.

Pattison said the retailer is trying to open a Game store, a general merchandise discount store, in Luanda, Angola.

Massmart noted it has made a number of acquisitions in South Africa in the food sector and said it will announce further activity after it occurs noting other targets are "obvious," but Pattison declined to elaborate.

Earlier Wednesday, the South Africa Commercial, Catering and Allied Workers Union, or SACCAWU, which represents all workers in the service sector, said it appealed the competition decision to allow the Wal-Mart merger to go ahead.

The deal represents Wal-Mart's first entry onto the continent. Wal-Mart International Chief Executive Doug McMillon said the company plans to continue supporting the current Massmart management team.

-By Devon Maylie, Dow Jones Newswires; +27 (11) 783 7848; devon.maylie@dowjones.com