Wal-Mart Stores Inc. (NYSE: WMT) wanted to buy South Africa’s Massmart chain for about $4.6 billion in 2010. The chain countered with an offer for Walmart to buy 51% for about $2 billion, an offer that Walmart accepted. It’s a good thing for the world’s largest retailer.
Deutsche Bank AG (NYSE: DB) just lowered its rating on Massmart, which trades on the Johannesburg exchange, from ‘hold’ to ‘sell’. Bloomberg News reports that DB made the change on the basis of concerns about near-term earnings from “potentially aggressive discounting to pursue market share” and “the potential drag on earnings from a significant investment in supply chain and organic growth.”
Walmart shares are trading down about -0.5% at $59.19 in a 52-week range of $48.31-$61.06.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
