Massmart

Massmart

Logo
Type	Public
Traded as	(JSE: MSM)
Industry	Retail
Founded	1990
Headquarters	, South Africa
Number of locations	288 (2011)
Area served	Sub-Saharan Africa
Revenue	R43.1287 billion (2009)[1]
Operating income	R2.0290 billion (2009)[1]
Parent	Walmart
Subsidiaries	Makro Game (company) Builder's Warehous CBW
Website	massmart.co.za/default.asp/ massmart.co.za

Massmart (JSE: MSM) is a South African firm that owns local brands such as Game, Makro, Builders’ Warehouse and CBW. It is the third largest distributor of consumer goods in Africa, the largest retailer of general merchandise, liquor and home improvement equipment and wholesaler of basic foods.^[2] It currently operates 288 stores in 14 sub-Saharan countries. Its head office is in the Massmart House in Sandton, City of Johannesburg Metropolitan Municipality.^[3]

History

Massmart was founded in 1990, beginning with the establishment of six Makro stores. It listed on the JSE Limited on 4 July 2000 at R12.50 per share.

Walmart acquisition

The firm was recently offered a takeover bid by Walmart^[4][5][6] On January 18 2011, shareholders of Massmart voted in favour of Walmarts offer of R148 per share.^[7] The South African Competition Commission Tribunal gave its approval of the acquisition of 51% of the firm in May 2011^[8]. Shortly thereafter, in June of 2011, Walmart completed the purchase of 51% of the company's stock^[9].

The Congress of South African Trade Unions (COSATU), South Africa’s largest union group, has threatened to stage “the mother of all boycotts” of Massmart products and a strike at all of its stores in the event that Walmart takes over.^[10]

See also

	South Africa portal
	Companies portal

• Walmart

External links

• Massmart Home Page

References

1. ^ ^{a b} "Interim Results to 26 December 2010". Massmart. http://www.massmart.co.za/invest_profile/financial_results/2010/massmart_ar2010/default.asp. Retrieved 10 June 2011. 
2. ^ "Corporate Profile - Overview". Massmart. http://www.massmart.co.za/corp_profile/corp_overview.asp. Retrieved 10 June 2011. 
3. ^ "Contact Details." Massmart. Retrieved on 10 October 2011. "Physical Address: Massmart House, 16 Peltier Drive, Sunninghill Ext. 6, Sandton 2157, Republic of South Africa"
4. ^ CNBC Article about Walmart bid. http://www.cnbc.com/id/40413070/Wal_Mart_to_Pay_2_3_Billion_for_Massmart_Control
5. ^ Bloomberg Article about Walmart bid. http://www.bloomberg.com/news/2010-11-29/wal-mart-offers-to-buy-51-of-south-africa-s-massmart-at-20-75-per-share.html
6. ^ BBC Article about Walmart bid. http://www.bbc.co.uk/news/business-12205922
7. ^ "Cosatu warns of mass protests against Walmart deal". Financial Mail. 18 January 2011. http://www.fm.co.za/Article.aspx?id=131794. Retrieved 10 June 2011. 
8. ^ BBC Article about Tribunal approval. http://www.bbc.co.uk/news/business-13601247
9. ^ http://investors.walmartstores.com/phoenix.zhtml?c=112761&p=irol-newsArticle&ID=1576044&highlight=
10. ^ "Cosatu warns of mass protests against Walmart deal". Financial Mail. 18 January 2011. http://www.fm.co.za/Article.aspx?id=131794. Retrieved 10 June 2011.