Massmart (PK) (USOTC:MMRTY)
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Wal-Mart Stores Inc. (WMT) has completed its $2.4 billion acquisition of a 51% stake in Massmart Holdings Ltd. (MSM.JO) and announced a new board at the South African retailer, Massmart said Monday.

The board changes will take affect Monday.

South Africa's Competition Tribunal approved the merger last month subject to Wal-Mart and Massmart agreeing to make no job cuts for the first two years following the merger, to respect union bargaining agreements for three years, to give preferential hiring to the 503 workers laid off in 2010 before the merger was announced, and to establishing a 100 million rand ($14.7 million) fund to help train local suppliers to be more competitive globally.

The new board will comprise nine directors: four independent non-executive directors, three non-executive directors and two executive directors.

Wal-Mart was entitled to nominate the chairman and three non-executive directors to the board. The world's biggest retailer nominated the chief executive of Wal-Mart International, Doug McMillon, and executives Jeffery Davis and JP Suarez.

Mark Lamberti will remain chairman.

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