SA not against foreign investment: Press

that its intervention in takeover hearings involving Wal-Mart and Kansai Paint could put off investors.
Wal-Mart is the last stages taking control of local retailer Massmart for US$2,3 billion, a deal the government said would open floodgates to imports that would undermine domestic manufacturers.
Japan’s Kansai Paint, which is the middle of US$260 million takeover of Freeworld Coatings, is also facing opposition from the government.
Business Day newspaper said the Trade and Industry Department was worried that Kansai was taking over a unique South African technology that added a local component in auto manufacturing.
“It is important to stress that the department is motivated by these considerations and this intervention should not be construed as opposition to foreign direct investment,” Lionel October, the department’s director-general was quoted as saying.
No one in the department could immediately comment. – Reuters.