Eyewitness NewsJOHANNESBURG -- Regulators say they have approved Wal-Mart's 17 billion rand (about $2.4 billion) bid to buy a controlling share of a South African chain, imposing conditions the companies themselves had proposed.
Unions and government officials are worried the arrival of the world's biggest retailer will hurt jobs and local manufacturing. In its ruling Tuesday, the Competition Tribunal, the government agency charged with promoting competition and protecting consumers, said Wal-Mart and Massmart could not lay off any workers for two years, must respect Massmart's existing labor agreements for three years, and must invest in training South African suppliers.
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