Share

Walmart: Union appeal won't derail deal

Johannesburg  - An appeal by a union against Walmart’s takeover of local retailer Massmart Holdings [JSE:MSM] will not derail the R16.5bn deal, the two companies said on Wednesday.

The world’s largest retailer finalised its purchase of 51% of local discounter Massmart on June 20.
 
The South African Commercial Catering and Allied Workers Union (Saccawu) has filed a notice of appeal against the transaction with the country’s Competition Appeal Court, the two companies said.
 
“Saccawu’s notice of appeal has no impact on the implementation of the transaction,” the companies said.
 
South African competition authorities approved the deal with token conditions last month. Experts have said unions may have some legal room to dispute the deal.

Filing the notice is an early stage in the appeal process.

No one was immediately available for comment at Saccawu.

“This is not an unexpected development and the companies remain firm in their belief that the transaction rests on solid legal ground,” the retailers said.

Massmart said on Sunday it aims to create 15 000 jobs in South Africa and increase its procurement of food and consumer goods by an additional R60bn over the next five years.

Shares of Massmart were up 1.3% at R140.25 in afternoon trade, compared with a 1% rise in the Top 40 [JSE:J200] index of blue chips.


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.3%
Rand - Pound
23.87
+0.1%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.32
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders