Wal-Mart Shares Unchanged on Africa Plans
Wal-Mart Stores Inc. (NYSE:WMT) shares aren't doing anything today after the company announced plans to move into Africa, hanging out at around $53.60.
Over the past 12 months Wal-Mart Stores (WMT) shares have traded between $47.77 and its 52-week high of $56.27. Wal-Mart shares are now trading with a P/E Ratio of 13.8 and EPS of 3.89.
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Wal-Mart Stores announced a plan Monday to buy a portfolio of low-cost consumer good stores in sub-Saharan Africa. The mega-retailer's stock opened at $54 a share Thursday and dropped 20 cents on the news.
The "non-binding expression of interest" that Wal-Mart (WMT) issued to Massmart was announced on the Johannesburg Stock Exchange, informing shareholders that two companies had entered into an exclusivity period to discuss Walmart offering $4.76 billion in cash for the company.
Massmart's CEO, Grant Pattison said: “Wal-Mart’s interest represents a vote of confidence in South Africa, as well as in Massmart and all its employees.” Massmart, with its headquarters in Johannesburg, operates 290 stores, mainly in South Africa.
Wal-Mart's stock is up 11.01% from its 52-week low.