Walmart aims for majority stake in Massmart

Walmart, the US retail giant, wants to acquire 51 per cent of the issued share capital of Massmart, a South African wholesale and retail group, and has published an offer to this effect. Doug McMillon, president and chief executive of Walmart, assesses South Africa and the surrounding countries as an “important region with attractive growth characteristics”. Grand Pattison, Massmart’s chief executive, regards the offer as a mark of confidence in South Africa and in the entire continent. Massmart is involved in 14 sub-Saharan countries, where it operates the Builders Warehouse, Builders Express and Builders Trade Depot chains for the construction and home improvement business.