Massmart gains 1.4 pct as Wal-mart deal approved

Tue May 31, 2011 12:15pm GMT

JOHANNESBURG (Reuters) - Shares in South Africa's Massmart rose on Tuesday after the country's Competition Tribunal approved Wal-Mart's $2.4 billion bid for a majority stake in the retailer.

Massmart shares were up 1.4 percent at 142.02 rand at 1205 GMT, having being slightly down minutes before the competition authorities approved the deal with conditions.

Johannesburg's Top-40 index of blue chips rose marginally to 0.57 percent after the news.

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UK £ USD =1.2617
Euro USD =1.1124
Rand USD =0.0764