CAPE TOWN (Reuters) – A South African court on Friday
largely dismissed an appeal from government and unions to roll
back approval for Wal-Mart’s $2.4 billion acquisition of
Massmart, ending months of speculation about the future
of the deal.
The Competition Appeal Court ruled against the government’s
appeal to have the deal set aside, but partially upheld a
separate union appeal and said about 500 previously fired
workers must be re-instated.
The ruling is likely to be seen as a victory for Wal-Mart in
its plans to expand in fast-growing Africa.
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