Wary South African Court Backs $2.4B Wal-Mart Tie-Up

Law360, New York (March 09, 2012, 1:26 PM ET) -- A South African court on Friday reluctantly backed Wal-Mart Stores Inc.’s planned $2.4 billion acquisition of Massmart Holdings Ltd., saying the mega-deal could go forward on some conditions despite antitrust and labor concerns.

The decision by the Cape Town-based Competition Appeal Court affirmed the Competition Tribunal’s approval of the deal in May. Three South African government ministries and a workers' union appealed the approval ruling over concerns it failed to place stringent conditions forcing the merged company to use local suppliers.

On Friday, the court said...
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