Namibian court okays Wal-Mart's deal
Business Report - Jun 13th 2011, 14:26
Wal-Mart has been given the go-ahead by a Namibian court to implement its $2.4 billion takeover of South African retailer Massmart pending an appeal to have conditions attached to the deal, a newspaper said on Friday.
An appeal by the Namibian competition regulator follows a High Court judgment in April that quashed the regulator's ruling that placed conditions on the deal.
The Namibian newspaper quoted Judge Smuts as saying the April 28 decision that gave Wal-Mart's bid an unconditional nod was valid and could be implemented even as parties wait for the appeal process.
South Africa approved Wal-Mart's $2.4 billion bid for control of Massmart with minimal conditions on Tuesday.
The deal needed competition approval in six countries - South Africa, Tanzania, Malawi, Swaziland, Zambia as well as Namibia.
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