Loading...
See More

Unions get more time in Walmart case

Jan 21 2011 20:39 Reuters

Company Data

MASSMART HOLDINGS LIMITED [JSE:MSM]

Last traded 119.28
Change -1.6
% Change -0.01
Cumulative volume 488967
Market cap 25.90bn

Last Updated: 24/10/2014 at 04:21. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Massmart sales soar

Global labour challenge to Walmart

Workers to picket during Walmart vote

Unions back down on Walmart protest

African M&A deals hit record

Walmart deal gets the nod

 
Johannesburg - South Africa's competition watchdog has given unions an additional 15 days to present more evidence against Walmart's $2.3bn bid for Massmart Holdings [JSE:MSM].

Earlier this week, Cosatu, South Africa's largest labour federation, threatened the "mother of all boycotts" in opposition to the deal.

"We respect the Competition Tribunal's subsequent decision to grant a 15-day extension in order to accommodate the union," Massmart chief executive officer Grant Pattison said in a statement.

The South African Commercial, Catering and Allied Workers Union (Saccawu), a Cosatu affiliate, has formed an "Anti-Walmart Coalition" that plans to ask South Africa's competition watchdog to block the deal or attach tough conditions.

The coalition wants to keep existing labour and supplier agreements, among other things.

Competition authorities are the last hurdle for the world's biggest retailer to take a controlling stake in the South African firm after shareholders overwhelmingly voted in favour of the deal on Monday.
massmart holdings  |  walmart
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
5 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...