(Adds spending in second paragraph.)
June 26 (Bloomberg) -- Wal-Mart Stores Inc. said it will create 15,000 jobs in South Africa within the next five years after its 16.5 billion rand ($2.4 billion) takeover of Johannesburg-based retailer Massmart Holdings Ltd.
Wal-Mart plans to open new stores and will spend 60 billion rand ($8.7 billion) on additional purchases of food and fast- moving consumer goods, over that period, mostly from local suppliers, the company said in an e-mailed statement today.
South Africa’s Competition Tribunal on May 31 said it had approved with conditions the U.S. retailer’s plan to buy a 51 percent stake in Massmart. The companies must ensure no jobs are cut for two years and that existing labor agreements are honored for three years after the purchase, the Pretoria-based Competition Tribunal said at the time.
The companies today announced discounts on products from televisions to paint and bread.
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