Retailing giant Wal-Mart Stores Inc. (NYSE: WMT) has won approval from a South African appeals court for its takeover of the country’s Massmart. The $2.4 billion deal was approved by the country’s regulators nearly a year ago, but both the service workers union and the government filed appeals contesting the decision.
Walmart originally tried buy all the company’s stock, but that offer was rejected and the US firm had to settle for 51% ownership.
The appeal centered on procedural issues and the firing of about 500 union employees. The appeals court ruled that the procedural issues were insubstantial, but Walmart was ordered to re-hire the fired workers.