Wal-Mart Threatens To Drop $2.3B Bid For Massmart

Law360, New York (May 16, 2011, 5:31 PM EDT) -- Wal-Mart Stores Inc. said Monday that it would abandon its $2.3 billion bid to buy a majority stake in Massmart Holdings Ltd., South Africa’s largest food and general goods wholesaler, if the country’s competition regulator requires it to stock a specific amount of local products.

Wal-Mart told South Africa's Competition Tribunal that it was considering pulling out of the deal during the last day of hearings on the proposed 17 billion rand ($2.43 billion) acquisition. Wal-Mart said the acquisition requirement would give competitors an unfair advantage....
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