Walmart Doubles Down in South Africa as Veteran CEO Leaves

Walmart Inc.[1] is strengthening its commitment to its South African unit, with Chief Executive Officer Mitchell Slape, the Walmart veteran tasked with turning Massmart Holdings Ltd.[2] around in 2019, preparing to be replaced. 

The global retail giant plans to buy all of the shares it doesn’t already own for 62 rand (£3.65) apiece, a 53% premium to the last closing price, and delist Massmart from Johannesburg’s main bourse, where it has a market value of about 8.9 billion rand. 

References

  1. ^ Company Overview (www.bloomberg.com)
  2. ^ Company Overview (www.bloomberg.com)