U.S. retailer Wal-Mart (WMT.N) said on Monday it had completed its acquisition of a controlling stake in South African firm Massmart (MSMJ.J), and was naming three new members to its board. Competition authorities approved Wal-Mart's $2.4 bid for 51 percent of Massmart with minimal conditions last month, although South Africa's government has said it still reserves the right to take legal action against the deal. The world's largest retailer said in a statement it had completed its investment and that it expected to create "many jobs" and support local suppliers in its newest market. Wal-Mart, which is now entitled to nominate the chairman and three non-executive directors to Massmart's board, said it asked current chairman Mark Lamberti to remain in his position.
Wal-Mart Stores, Inc. (Walmart) operates retail stores. Shares of WMT traded higher by 0.11% or $0.06/share to $52.88. In the past year, the shares have traded as low as $47.77 and as high as $57.90. On average, 10342800 shares of WMT exchange hands on a given day and today's volume is recorded at 245830.
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