Namibia gives Walmart merger the nod

Namibia’s trade and industry minister is giving Walmart’s takeover of Massmart Holdings approval, provided it does not lead to job losses within the first two years, a Namibian newspaper reported on Tuesday.

Walmart must also allow the Namibian Food and Allied Workers Union to keep representing Massmart’s workers during the same period, the newspaper quoted Trade and Industry Minister Hage Geingob as saying.

Last year, Walmart took a 51% stake in Massmart, which operates in 14 African countries including Namibia.

However, the Namibian Competition Commission went to court seeking some conditions be imposed on the US retail giant.

Walmart launched its own court bid to have the conditions declared unlawful.

Adequate conditions
Namibia’s supreme court ruled last year that Geingob would have the final say on whether conditions attached to the deal were adequate.

“I consider that the conditions strike an appropriate balance between the potential economic benefits of the merger and the public interest considerations,” the paper reported Geingob as saying.

“I regard the case as closed. Let them come and work here so that we can develop the country.”

Walmart and Massmart are also awaiting judgements on appeals from the South African governments, which is seeking to attach more conditions to the group’s $2.4-billion deal.

Massmart shares are down 0.4% at 8:19GMT, compared to a 0.6% decline in Johannesburg’s Top-40 index. — Reuters

PW Botha wagged his finger and banned us in 1988 but we stood firm. We built a reputation for fearless journalism, then, and now. Through these last 35 years, the Mail & Guardian has always been on the right side of history.

These days, we are on the trail of the merry band of corporates and politicians robbing South Africa of its own potential.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Advertisting

South Africa has been junked

Treasury says the credit ratings downgrade “could not have come at a worse time”, as country enters a 21-day Covid-19 lockdown with little money saved up

Mail & Guardian needs your help

Our job is to help give you the information we all need to participate in building this country, while holding those in power to account. But now the power to help us keep doing that is in your hands

Press Releases

The online value of executive education in a Covid-19 world

Executive education courses further develop the skills of leaders in the workplace

Sisa Ntshona urges everyone to stay home, and consider travelling later

Sisa Ntshona has urged everyone to limit their movements in line with government’s request

SAB Zenzele’s special AGM postponed until further notice

An arrangement has been announced for shareholders and retailers to receive a 77.5% cash payout

20th Edition of the National Teaching Awards

Teachers are seldom recognised but they are indispensable to the country's education system

Awards affirm the vital work that teachers do

Government is committed to empowering South Africa’s teachers with skills, knowledge and techniques for a changing world

SAB Zenzele special AGM rescheduled to March 25 2020

New voting arrangements are being made to safeguard the health of shareholders

Dimension Data launches Saturday School in PE

The Gauteng Saturday School has produced a number of success stories