Wal-Mart Submits Non-Binding $4.26 Billion Proposal To Massmart

Wal-Mart WMT, the Dow component and the world's biggest retailer, said it has submitted a non-binding proposal worth $4.26 billion for South Africa's Massmart Holdings, a consumer-products and food retailer. Massmart operates almost 300 stores in 13 African countries with the bulk of those stores in South Africa. Wal-Mart said if it is successful in buying Massmart, the deal would provide the retail giant with a platform for growth in Africa. Massmart said the Wal-Mart proposal is the start of a lengthy process and that it is difficult to forecast whether a full offer will materialize.