SABMiller and Anheuser-Busch InBev (AB InBev) need to state exactly how long their commitment not to retrench staff will stand‚ the Competition Tribunal said on Wednesday.
The tribunal is holding hearings this week to decide whether or not to accept the Competition Commission’s approval of AB InBev’s proposed acquisition of SABMiller for £44 per share.
In a joint press release in April‚ the brewers said: "In a groundbreaking commitment‚ AB InBev has undertaken to ensure that at no point in the future will there be involuntary job losses in SA as a result of the transaction. In addition‚ the company has committed to maintain its total permanent employment levels in SA as at the date of closing‚ for a period of five years."
When the Competition Commission gave its approval of the $108bn deal earlier in June‚ it attached‚ among others‚ the condition that the merged entity not be allowed to retrench SABMiller employees and that the condition remain in perpetuity.
"I have never seen (a condition) like this in history‚" tribunal chairman Norman Manoim said." I understand the principle but I think a time period is necessary‚" he said.
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