Namibian court okays Wal-Mart's Massmart buy: report

JOHANNESBURG Fri Jun 10, 2011 6:56am EDT

Shoppers load their goods into a car outside a Makro branch of South African retailer Massmart in Cape Town May 31, 2011. REUTERS/Mike Hutchings

Shoppers load their goods into a car outside a Makro branch of South African retailer Massmart in Cape Town May 31, 2011.

Credit: Reuters/Mike Hutchings

JOHANNESBURG (Reuters) - Wal-Mart (WMT.N) has been given the go-ahead by a Namibian court to implement its $2.4 billion takeover of South African retailer Massmart (MSMJ.J) pending an appeal to have conditions attached to the deal, a newspaper said on Friday.

An appeal by the Namibian competition regulator follows a High Court judgment in April that quashed the regulator's ruling that placed conditions on the deal.

The Namibian newspaper quoted Judge Smuts as saying the April 28 decision that gave Wal-Mart's bid an unconditional nod was valid and could be implemented even as parties wait for the appeal process.

South Africa approved Wal-Mart's (WMT.N) $2.4 billion bid for control of Massmart with minimal conditions on Tuesday.

The deal needed competition approval in six countries -- South Africa, Tanzania, Malawi, Swaziland, Zambia as well as Namibia.

(Reporting by Tiisetso Motsoeneng; Editing by Greg Mahlich)

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