Reuters way ahead with news of Wal-Mart`s Massmart deal
05.31.2011
Reuters was way ahead of competitors on May 31 with news that South Africa’s Competition Tribunal had approved Wal-Mart’s $2.4 billion bid for retailer Massmart with only minimal conditions. The Reuters alert hit screens at 1355 local time, a full 9 minutes ahead of Bloomberg, moving Massmart`s shares, the broader market and the rand currency. Massmart shares, which were in negative territory, turned positive and rallied more than 2 percent immediately after Reuters broke the news. The benchmark Top-40 index of Johannesburg blue chips added about 100 points. The rand currency also extended gains on news of the deal, a test case for major foreign investment in South Africa and for its place as a bridgehead for businesses moving into the fast growing continent. Wal-Mart and Massmart welcomed the ruling. Tough conditions could have complicated the deal or even stopped it. Unions said the conditions were too light.
