Wal-Mart gets Namibia go-ahead
Global group Wal-Mart has been given the green light by a Namibian court to implement its bid for SA's Massmart Holdings (MSM), despite an appeal by the Namibian competition regulator to have conditions attached to the deal, according to a report.
"The operation of the high court's judgment, which was handed down by Judges Dave Smuts and Louis Muller on April 28, was suspended when the Namibian Competition Commission and the minister of trade and industry lodged an appeal against the court's decision on June 1.
With the conditions that had been set by the commission continuing to keep the multibillion-dollar takeover deal from finally going ahead, Wal-Mart returned to the high court yesterday with an urgent application in which the company asked that the court's judgement be put into operation while the appeal remains pending, the newspaper said.
Having heard arguments on the application, Judge Smuts ordered that the April 28 judgement was not suspended pending the appeal to the supreme court, and that the judgement was to be implemented.
The South African Competition Tribunal approved the proposed R16.5bn merger, with minimal conditions on May 31.