Wal-Mart Brings Happiness for Its Consumers
According to an economist, Mike Schussler, it was found out that the Wal-Mart deal has brought happiness on the consumer faces in South Africa as this deal will bring many opportunities for these consumers.
He says, “It's some good news for once, all we've had is the bad news - the toll road fees, electricity and water price increases. I am glad that the threats did not win – I am glad that opportunity won. In a sense the deal will help the inflation rate - it might not come down but it will make a bit of a difference."
The antitrust authority has reported that the companies should agree to the labor agreements for at least three years which includes no job cuts for two years and these companies should also set up a 100 million rand supplier development fund.
In November, Retail giant Wal-Mart had made 16.5 billion rand cash and offered to acquire 51% of Massmart at 148 rand per Massmart share in September, but one that would see Massmart retain its listing on the JSE.
According to the news, it was also revealed that this news has increased the rand by 12c against the dollar and the group's share price has gained 1.7% to 142.56 rand.
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