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Cosatu praises ministers on Walmart

Aug 05 2011 13:51 Sapa

Company Data

MASSMART HOLDINGS LIMITED [JSE:MSM]

Last traded 127.28
Change 2.27
% Change 0.02
Cumulative volume 268895
Market cap 27.63bn

Last Updated: 16/04/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - Cosatu has congratulated three cabinet ministers who are to appeal to the Competition Appeal Court for a review of a Competition Tribunal ruling in favour of Walmart's takeover of Massmart Holdings [JSE:MSM].

It was "very good news" that Trade and Industry Minister Rob Davies, Economic Development Minister Ebrahim Patel, and Agriculture Minister Tina Joemat-Pettersson were backing a trade union which was also to appeal to the court, Cosatu spokesperson Patrick Craven said.

They were right to demand stricter conditions to ensure Walmart's entry into the local market did not cause job losses, weaken the manufacturing sector or compromise food security.

Cosatu and the SA Commercial, Catering, and Allied Workers' Union still believed the takeover should have been stopped. They claimed this was due to Walmart's "union-bashing", its record of driving down wages, forcing suppliers and competitors to push down prices, cutting jobs, and imposing poor working conditions.

Under the Competition Act, the Competition Tribunal should consider the effects of a proposed merger, not just the interests of the firms who intend to merge.

 
cosatu  |  walmart  |  massmart holdings  |  ebrahim patel
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