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Walmarts takeover in S. Africa...Buys Massmart, Unions pissed

 
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User ID: 774404
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11/29/2010 11:55 AM
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Walmarts takeover in S. Africa...Buys Massmart, Unions pissed
[link to online.wsj.com]

A South Africa labor union opposed to the takeover by Wal-Mart Stores Inc. (WMT) of local retailer Massmart Holdings Ltd. (MSM.JO) said Monday it has hired lawyers and plans to participate in the antitrust review of the proposed $3.32 billion deal.

The South Africa Commercial, Catering and Allied Workers Union, which last month launched an "Anti-Walmart Campaign," wouldn't rule out strikes by its roughly 80,000 members to try and halt the deal, union spokesman Mike Abrahams told Dow Jones Newswires.

Abrahams said there has been no meeting with either company since the first week of October and it only learned through the media that Wal-Mart had made an offer for a controlling 51% of Massmart.

"We have instructed a firm of attorneys to represent us in the legal process," he said. "As for strike action, this will be determined by the unfolding of the campaign and it shouldn't be excluded."

Wal-Mart earlier said it has offered 148 rand a share for control of Massmart, which has been recommended by the South African company's board and has the irrevocable support of shareholders owning 35% of Massmart's shares as well as non-binding support from shareholders with a further 15%. The Bentonville, Ark.-based company said it plans to maintain Massmart's Johannesburg listing.
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Ignorance and obscurantism have never produced anything other than flocks of slaves for tyranny...
Emiliano Zapata
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User ID: 1179003
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11/29/2010 10:33 PM
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Re: Walmarts takeover in S. Africa...Buys Massmart, Unions pissed
bump for the night crowd
It really is!

I never drink water, fish fuck in it.
W.C. Fields

Ignorance and obscurantism have never produced anything other than flocks of slaves for tyranny...
Emiliano Zapata
Anonymous Coward
User ID: 955416
United States
11/30/2010 06:25 AM
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Re: Walmarts takeover in S. Africa...Buys Massmart, Unions pissed
...
Anonymous Coward
User ID: 1168130
Finland
11/30/2010 06:34 AM
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Re: Walmarts takeover in S. Africa...Buys Massmart, Unions pissed
in south African style they will riot & burn those shops down.

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