{"id":8621,"date":"2012-03-06T14:56:10","date_gmt":"2012-03-06T12:56:10","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/wal-mart-gets-conditional-namibia-nod-for-massmart\/"},"modified":"2012-03-06T14:56:10","modified_gmt":"2012-03-06T12:56:10","slug":"wal-mart-gets-conditional-namibia-nod-for-massmart","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/wal-mart-gets-conditional-namibia-nod-for-massmart\/","title":{"rendered":"Wal-Mart gets conditional Namibia nod for Massmart"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">WINDHOEK, March 6<\/span> (Reuters) &#8211; Namibia&#8217;s trade and<br \/>\nindustry minister is giving Wal-Mart&#8217;s takeover of<br \/>\nMassmart Holdings approval, provided it does not lead<br \/>\nto job losses within the first two years, a Namibian newspaper<br \/>\nreported on Tuesday.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Wal-Mart must also allow the Namibian Food and Allied<br \/>\nWorkers Union to keep representing Massmart&#8217;s workers during the<br \/>\nsame period, the newspaper quoted Trade and Industry Minister<br \/>\nHage Geingob as saying.<\/p>\n<p><span><\/span><\/p>\n<p>Last year, Wal-Mart took a 51 percent stake in Massmart,<br \/>\nwhich operates in 14 African countries including Namibia.<\/p>\n<p><span><\/span><\/p>\n<p>However, the Namibian Competition Commission went to court<br \/>\nseeking some conditions be imposed on the U.S. retail giant.<\/p>\n<p><span><\/span><\/p>\n<p>Wal-Mart launched its own court bid to have the conditions<br \/>\ndeclared unlawful.<\/p>\n<p><span><\/span><\/p>\n<p>Namibia&#8217;s supreme court ruled last year that Geingob would<br \/>\nhave the final say on whether conditions attached to the deal<br \/>\nwere adequate.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;I consider that the conditions strike an appropriate<br \/>\nbalance between the potential economic benefits of the merger<br \/>\nand the public interest considerations,&#8221; the Namibian reported<br \/>\nGeingob as saying.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;I regard the case as closed. Let them come and work here so<br \/>\nthat we can develop the country.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>Wal-Mart and Massmart are also awaiting judgements on<br \/>\nappeals from the South African governments, which is seeking to<br \/>\nattach more conditions to the group&#8217;s $2.4 billion deal.<\/p>\n<p><span><\/span><\/p>\n<p>Massmart shares are down 0.4 percent at 0819 GMT, compared<br \/>\nto a 0.6 percent decline in Johannesburg&#8217;s Top-40 index \t<\/p>\n<p> (Additional reporting by Servaas van den Bosch; Reporting and<br \/>\nwriting by Helen Nyambura-Mwaura; editing by David Dolan)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WINDHOEK, March 6 (Reuters) &#8211; Namibia&#8217;s trade and industry minister is giving Wal-Mart&#8217;s takeover of Massmart Holdings approval, provided it does not lead to job losses within the first two years, a Namibian newspaper reported on Tuesday. Wal-Mart must also allow the Namibian Food and Allied Workers Union to keep representing Massmart&#8217;s workers during the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8621","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8621"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8621\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}