09:17 ET<\/span><\/span><\/p>\nSouth African competition authorities have given the go-ahead to US store giant Wal-Mart’s $2.4bn (\u00a31.5bn) bid for local retailer Massmart.<\/p>\n
It has imposed conditions on the bid, such as a ban on firing workers in the first two years.<\/p>\n
It has also said that Wal-Mart must have a programme for developing local suppliers.<\/p>\n
Wal-Mart’s bid for 51% of Massmart is seen as a test case for major foreign investment in South Africa.<\/p>\n
The world’s biggest retailer had threatened to withdraw from the deal if targets were placed on buying from local suppliers.<\/p>\n
“We’re pleased that the competition authorities have recognised the benefits that our investment in Massmart can deliver,” Wal-Mart International chief executive Doug McMillon said.<\/p>\n
Massmart runs nine wholesale and retail chains, with 288 stores in 14 African countries.<\/p>\n
Unions and three government departments in South Africa have opposed the takeover, fearing that Wal-Mart’s global supply chain could squeeze domestic companies.<\/p>\n
Unions threatened to boycott the retailer if the deal was allowed to go ahead.<\/p>\n
Knock-on effect<\/span><\/p>\nIn addition to the firing freeze, Wal-Mart must also give preference to re-employing 500 staff who were laid off in 2010.<\/p>\n
Patrick Craven, spokesman for the trade union umbrella body Cosatu, said: “Our biggest concern remains completely unanswered and that is the knock-on effect on jobs in other retailers and the manufacturing industry.<\/p>\n
“We would have liked to see some conditions on local procurement, although of course that ought to apply to all retailers, not just Wal-Mart.”<\/p>\n
Wal-Mart has also agreed to honour all collective bargaining agreements that are currently in place for the next three years.<\/p>\n
It had already agreed not to make any lay-offs for two years and to spend 100m rand ($15m; \u00a39m) in the next three years to help South African suppliers.<\/p>\n
The competition tribunal will give the reasons for its decision in the next month.<\/p>\n<\/div>\n<\/p>\n
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