Massmart Shareholders Approve Wal-Mart Bid

JOHANNESBURG, South Africa — Shareholders of Massmart here have voted to approve Wal-Mart’s $2.4 billion offer to acquire a majority stake in the company, paving the way for Wal-Mart’s first presence in Africa.

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

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