South African retailer Massmart’s shareholders have approved a $2.39bn tie-up with Walmart.
The world’s biggest retailer will pay the sum for a 51% controlling stake in Massmart.
The deal was approved at a shareholder meeting today in Johannesburg, when 97.7% of those present and eligible to vote nodded the offer through.
South Africa’s courts and competition authorities still need to give a go-ahead to the takeover by Walmart.
Massmart chief executive Grant Pattison said: “This is an important milestone and we now await the decision from the competition authorities.”
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