Massmart under fire

The South African Commercial, Catering and Allied Workers Union (Saccawu) plans to picket today's Massmart shareholders meeting to show opposition to the group's impending deal with Walmart.

Massmart's shareholders are expected to vote for the global retail giant's offer to acquire 51% of Massmart's shares at the meeting.

The anti-Walmart coalition includes the Congress of South African Trade Unions, social movements and civil-

society organisations.

"The coalition hopes to use the opportunity to address Massmart shareholders and explain to them the implications of this deal for workers in Massmart, the wholesale and retail sector, its supply chains and other sectors within the economy," Saccawu said.

The union said it hoped to show how the deal was not in the interests of SA, the national imperatives of transformation, economic growth, job creation and poverty alleviation.

The coalition was established last year after talks on the implications of Walmart's bid for Massmart and an assessment of the challenges and dangers of this bid for the retail sector, the economy, "decent work", New Growth Path and the Buy SA campaign.

Implications for agriculture, local manufacturing and food processing, suppliers and distributors, given Walmart's procurement policies, were also discussed.

Retail giant Walmart made a cash offer in November of R16.5-billion to acquire 51% of Massmart at R148 per Massmart share. "The offer represents a 19.2% premium to the 30-day weighted average price on September 23, the last trading day before the indicative offer announced on September 27 and has been unanimously recommended by the Massmart board of directors," said Walmart. - I-Net Bridge