Wal-Mart Gets Clearance to Buy 51% of South African Retailer

Massmart shareholders approved the sale of 51 percent of its shares to U.S. retail giant Wal-Mart for $2.45 billion. Wal-Mart offered in late November to purchase ordinary shares of Massmart for $21.47 per share. The offer is a 19.2 percent premium on the 30-day weighted average price on Sept. 23.