Hearing Begins on Wal-Mart's Bid for Massmart
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Massmart Holdings Ltd. promised to add jobs if Wal-Mart is allowed to buy a controlling stake in the South African wholesaler, CEO Grant Pattison said. His remarks were made on Monday at a tribunal in Pretoria, South Africa that will determine whether Wal-Mart will be able to go through with the deal. “We’ll add about 20 percent more trading space over the next three years,” Pattison said, according to Bloomberg. Growth in floor space will be accompanied by additional jobs, while current posts will also be secure, he said. Wal-Mart is looking to buy 51 percent of Massmart.