An appeal by a South African union against Wal-Mart's (WMT.N) takeover of local retailer Massmart (MSMJ.J) will not derail the $2.4 billion deal, the two companies said on Wednesday. The world's largest retailer on June 20 finalised its purchase of 51 percent of local discounter Massmart. The South Africa Commercial Catering and Allied Workers Union (SACCAWU) has filed a notice of appeal against the transaction with the country's Competition Appeal Court, the two companies said in a statement. "SACCAWU's notice of appeal has no impact on the implementation of the transaction," the companies said. South African competition authorities approved the deal with token conditions last month. Experts have said unions may have some legal room to dispute the deal.
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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