Wal-Mart Stores Inc. is making a bid to enter the retail market in Africa, offering about $4.25 billion to buy Massmart Holdings Ltd. of South Africa.
The company has 290 stores in 13 nations on the continent, most of them in South Africa.
Bentonville-based Wal-Mart said Monday it would pay 148 rands, or $21.11 per share, for Massmart, which has 201.5 million shares outstanding.
Earlier this year, Massmart’s stock price rallied sharply on reports that Wal-Mart was considering an offer.
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