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Trade and industry minister approves Wal-Mart takeover of Massmart, with conditions

By  |  March 6, 2012

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    Namibian trade and industry minister Hage Geingob has approved Wal-Mart’s takeover of Massmart, with certain conditions. The deal cannot lead to job losses in the first two years after the acquisition, during which Wal-Mart must allow the Namibian Food and Allied Workers Union to keep representing Massmart’s workers. Furthermore, Wal-Mart must work with the Trade and Industry Ministry to create a plan to develop local suppliers within 12 months. The plan should prioritize “undertakings owned or controlled by historically disadvantaged persons.”

    Full content: allAfrica.com

     

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