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 and unions are concerned Wal-Mart's global sourcing network would open the country to a flood of cheap imports, undermining local suppliers and threatening jobs. South Africa's main service industry union, which is opposed to the deal, said it could consider legal action if the acquisition is approved without conditions set such as assurances on jobs and supply targets.
Wal-Mart Stores, Inc. (Walmart) operates retail stores. Shares of WMT traded higher by 0.11% or $0.06/share to $55.16. 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 2421412.
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