South Africa's government could jeopardise Wal-Mart's (WMT.N) $2.4 billion bid for retailer Massmart (MSMJ.J) if it demands local procurement targets, the chief executive of the South African retailer said on Tuesday. South Africa's competition authorities are hearing testimony until next Monday on whether to allow the U.S. retailer to go ahead with its 16.5 billion-rand ($2.4 billion) offer for 51 percent of Massmart, a discount retailer. The government is concerned Wal-Mart's global sourcing network would open the country to a flood of cheap imports, undermining local suppliers and threatening jobs. During the hearing, Massmart's chief executive Grant Pattison said local procurement targets could harm the deal.
Wal-Mart Stores, Inc. (Walmart) operates retail stores. Shares of WMT remained unchanged at $55.1. In the past year, the shares have traded as low as $47.77 and as high as $57.90. On average, 11717100 shares of WMT exchange hands on a given day and today's volume is recorded at 22857.
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