• Walmart said this morning that it has reached an agreement to buy the 47 percent of South African retailer Massmart that it does not own for about $377.6 million, a number that is a 53 percent premium over the stock's closing price on Friday.
Bloomberg writes that "Walmart is preparing for increased competition amid press reports that Amazon.com Inc. is planning to expand into Africa’s most-industrialized nation. Taking Massmart private may help Walmart cut costs and invest in the company," which has been a losing proposition for the company. Walmart acquired majority control over Massmart a dozen years ago.
Bloomberg also reports that "Jonathan Molapo, who joined Massmart in January as COO will take over as chief executive officer a year after he joined the company. He replaces Walmart veteran Mitchell Slape."
