Walmart Bids for 51% Stake in South African Retailer

Walmart Bids for 51% Stake in South African Retailer
By HUGH COLLINS
Posted 6:24 AM 11/29/10 Company News, Wal-Mart Stores, Retail, Stocks in the News Walmart(WMT) made an offer for 51% of the shares in South African retailer Massmart Holdings for 148 rand ($20.75) per share.

The offer represents a 19.2% premium over the 30-day weighted average price on Sept. 23, Walmart said in a statement. Sept. 23 was the final trading day before Walmart announced its initial offer.


"We continue to be excited by the opportunity to invest in Massmart's business and to accelerate its growth and expansion in South Africa," said Doug McMillon, CEO of Walmart International.

The offer is subject to approval by Massmart's shareholders and South African regulators. The documents related to the offer will be mailed to Massmart shareholders by Dec. 9.


See full article from DailyFinance: http://srph.it/gjDyBU
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.......so ....Walmart helps kill our economy selling goods made mostly in china and other countries( so OUR money spent in Walmarts does almost nothing to help productivity and growth here in the US) .....and then uses the profits they made in America off of Americans to go take over the South African market.... personally I would'nt give these vampires another nickel and would rather go without something... Buy at Mom and Pop stores (local) buy american made ( yes i know its hard to find and usually more expensive ) ; That is the only way we will save our economy!