Judge presiding over legal challenge to Wal-Mart Stores' acquisition of South African retailer Massmart Holdings says he intends to release his decision by end of December or early January
November 28, 2011
– South African Competition Appeal Court Judge President Dennis Davis has announced that he intends to release his decision over the South Africa Commercial, Catering and Allied Workers Union’s legal challenge to Wal-Mart Stores, Inc.’s acquisition of controlling shares in South African retailer Massmart Holdings Ltd. by the end of December or early January, Bloomberg reported on Nov. 25, 2011.
According to the article, the 16.5 billion rand ($1.93 billion) deal was approved by the Competition Tribunal of South Africa, subject to the provisos that the companies had to agree not to fire any workers for the next two years in addition to establishing a fund to help local manufacturers and suppliers.
During a court hearing held on Oct. 20-21, Judge Davis said that the court may decide to uphold the approval, send the decision back to the Competition Tribunal, reject the takeover, or find that the takeover should have been subjected to different provisions.
The primary source of this article is Bloomberg, New York, New York, on Nov. 25, 2011.