Wal-Mart hearing on Massmart postponed

for a controlling stake in domestic retailer Massmart after the government and unions asked for more time to submit additional information.
Competition authorities are the last hurdle for the world’s biggest retailer to take a 51 percent stake in Massmart after shareholders overwhelmingly voted in favour of the deal in January.
The deal has pitted Wal-Mart against South Africa’s trade unions, some of which have threatened to strike against the US giant.
The Competition Tribunal said on Tuesday it would “reluctantly” push back the hearing dates to between May 9 and May 16 to allow government departments and the union more time to make submissions.
The Tribunal would hear arguments from Economic Development, Trade and Industry and the Agriculture, Forestry and Fisheries Departments and the South African Commercial, Catering and Allied Workers Union (SACCAWU) on the set dates.
Meanwhile, a handful SACCAWU members picketed outside the offices the Competition Tribunal, demanding it block Wal-Mart’s move to buy the local chain or attach tough conditions to the deal.
“We believe it is not in the best interest of South Africa for Wal-Mart to be allowed into our country,” Bones Skulu, SACCAWU General Secretary, said in a statement.
SACCAWU has formed an anti-Walmart coalition with other labour and activist groups.
Shares in Massmart fell 1,95 percent to 131,10 rand by 1411 GMT, lagging a 0,63 percent gain the JSE Top-40 blue-chip index.
Wal-Mart shares were flat in line with the border market on Wall Street. – Reuters.