SACCAWU CONTEMPLATES / CONSIDERS APPAEALING AGAINST THE COMPETITION TRIBUNAL DECISION ON THE WALMART 51% ACQUISITION OF MASSMART
SACCAWU notes the decision of the Competition Tribunal to approve Walmart's acquisition of 51% of Massmart with utter dismay and cannot help but wonder whether the Commissioners of Tribunal were attending the same process attended by the intervening and objecting parties.
Whilst somewhat not surprised, if the history of our experiences with the Tribunal on Acquisitions, Mergers and Private Equity Buy-Outs is anything to go by, the Union is grossly disappointed by the Tribunal's decision to approve the acquisition with such meek, flimsy, vague and discretionary conditions.
In fact, to term same as conditions is an exaggeration and abuse of the terminology, legitimization and elevation of the merging companies' non-committal eleventh (11th) hour undertakings, if not capitulation gesture.
This, despite the discovery documents, submitted to the Tribunal reluctantly at the instance of intervening Governmental Departments, blatantly exposing that the retrenchments of 503 workers (from a target of 1 500) and the dismissal of 71 workers (in breach of the collective agreement abolishing the forty [40] hour rolling week); were not only linked to the process but integral / central part of Massmart's repositioning for this acquisition and merger transaction.
Such company documents also exposed the anti-Union tendencies with strict interest on the outstanding duration of the current collective / relationship / recognition agreement with SACCAWU.