South Africa's biggest service industry union is appealing Wal-Mart's (WMT.N) takeover of Massmart (MSMJ.J), the two companies said on Wednesday, adding the appeal will not derail the $2.4 billion deal. The world's largest retailer on June 20 finalised its purchase of 51 percent of local discounter Massmart, after winning approval from South Africa's competition authorities. The South Africa Commercial, Catering and Allied Workers Union (SACCAWU) has filed a notice of appeal with the country's Competition Appeal Court, the two companies said in a joint statement. Filing the notice is an early stage in the appeal process.
Wal-Mart Stores, Inc. (Walmart) operates retail stores. Shares of WMT remained unchanged at $52.53. In the past year, the shares have traded as low as $47.77 and as high as $57.90. On average, 10399500 shares of WMT exchange hands on a given day and today's volume is recorded at 0.
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