Walmart goes all out in Africa

by MMC
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September 11, 2023, 7 a.m. ET

JOHANNESBURG—WalmartIt is investment in Africa tanked. He responds by doubling the stake.

More than a decade ago, Walmart spent $2.4 billion to buy a majority stake at the South African retailer Massmart, which was also present in a dozen other sub-Saharan countries. At the time, Bentonville, Ark., executives hailed the acquisition as Walmart’s entry into the world’s youngest continent and one of its fastest-growing consumer markets, booming in a context of record prices for raw materials.

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