South Africa makes aggressive intervention in Wal-Mart bid

Johannesburg, South Africa -- A Tuesday report by Bloomberg said that South Africa’s Economic Development Ministry made an “aggressive intervention” in Wal-Mart Stores’ bid to buy a stake in Massmart Holdings Ltd. South Africa’s Trade, Economic Development and Agriculture Ministries made a joint bid to the Competition Tribunal to force Wal-Mart to restrict imports if it buys a controlling stake in Johannesburg-based Massmart, concerned about job losses. That action failed, with the competition authority on June 1 allowing Wal-Mart to proceed with its $2.4 billion purchase on condition no jobs are cut for two years.