Wal-Mart Faces Hurdle with Retailer Acquisition in Namibia
In its efforts to acquire the regional retailer Massmart, Wal-Mart may have to deal with yet another hurdle because the antitrust body in Namibia has stated that it might make an appeal against a recent decision by the high court that ruled in Wal-Mart’s favor.
Last month, Wal-Mart, a company based in the United States, was able to add Namibia to their list of countries they have influence over after Zambia, Tanzania, Swaziland and Malawi all approved a takeover of Massmart in their nations.
Chairman of the Competition Commission, Lucius Murorua last week said, “The commission is considering lodging an appeal against the judgment and has referred the matter to its legal team for analysis and specific determination”. If the commission decides to lodge an appeal, they must do so by the end of the month.
On Tuesday, Wal-Mart acknowledged that they knew the Namibian commission was considering filing an appeal, but they declined to make a more in-depth comment on the situation.
In order for the company to continue growing, increased access to the market in Africa is essential. In fact, a report released on Tuesday showed that 25% of Wal-Mart’s sales took place outside of the United States, and that they were slowly losing business within their home country, with a decline of 1.1% in the last quarter.
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