Unions get more time in Walmart case
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.
Labour is already compromised with this deal.
Already influence from their American counterparts has resulted in a female employee from the Durban HeadOffice of MassDiscounters being suspended for over a month - because she went to court whilst she was on sick leave for a day.
She has been forced to sign documents that can jeopodise her disciplinary hearing by Management . She has been informed that she will be dismissed for this offence, eventhough it is a first offence and she has produced evidence that she was sick.
Here comes all the Anti-Labour influence from Walmart - rubbing off on MassMart.
So much for the so called constitution. Surely it is every citizen's right where and how he invests his money. Now the South African Communist party affilated unions (no jobs creation since inception, but straining job creation) wants to take the constitunial right from investors to sell to who they chose. N wonder nothing in South Africxa works and Companies can be highkacked
The unions can't create jobs. Walmart can. The good press we could have received from this transaction - the positive investor sentiment it could create all over the world - all that down the drain.
lets hope that walmart dont say ''thanks chaps--deal is off the table'' and put their money in another country.
im surprised they havent --yet !!!
if they do who is the loser--south africa
multiply this by 1000 in the next 10 years --hello zimbabwe
no wonder that overseas investment is on the way down
We have labor laws & agreements for a reason. All to protect & sustain jobs. Yes it sounds good to a consumer but soon most of the companies from SA will soon close & they are struggling as it is.