Wal-Mart expands in South Africa

The South African Massmart retail network accepted American Wal-Mart's takeover bid on Monday.

The shareholders of Massmart accepted Wal-Mart’s 148 rands per share (about 19 USD per share) bid, which assesses the company’s value to 17 billion rands (2 billion USD). Massmart has about 290 different profiled – mainly electronics and medicines – stores in 14 African countries – reports MTI.