JOHANNESBURG, South Africa — Shareholders of Massmart here have voted to approve Wal-Mart Stores' $2.4 billion offer to acquire a majority stake in the company, paving the way for Wal-Mart’s first presence in Africa.
More than 97% of shareholders voting in a special meeting Monday approved the offer, Massmart said. The acquisition still requires certain government approvals and is expected to be complete within two months, Massmart said.
Wal-Mart originally had discussed a $4.6 billion offer for the entire company, which is the leading African retailer of general merchandise, home improvement equipment, food and supplies, with 290 stores in 13 countries, but had since scaled back the offer to a 51% stake, reports said.