Massmart and Walmart welcome the decision handed down by the Competition Appeal Court to approve the merger and, we are keen to work with interested parties to develop local suppliers and producers.
The companies fully appreciate the Court's role in seeking to reconcile the potentially complex legal, economic and public interest considerations in this case. We do however respectfully disagree with the Court's finding that the historical retrenchment of 503 employees was closely linked to the merger.
The Massmart-Walmart merger has now been independently endorsed by all three arms of the competition authority in South Africa, being the Commission, the Tribunal and Appeal Court. The rigorous process that has been followed has served the useful purpose of allowing all participants opportunity to develop a better understanding of each other's expectations, creating a platform for partnerships that benefit South African consumers and local suppliers.
Commenting, Massmart CEO, Grant Pattison said: "It is important to emphasise that notwithstanding the differences of opinion that have been expressed during this process, we want to build good relationships and enter into constructive partnerships with government, organized labour and other interested parties."
We are currently studying the detail of the ruling and will provide a further update as appropriate. Ends.
Issued by Brunswick on behalf of Massmart
Media queries should be addressed to:
Group Corporate Affairs Executive
Massmart Holdings Ltd
+2711 517 0000
Brunswick +2711 502 7300
Rob Pinker: +27 83 326 7794
Cecilia de Almeida: +27 83 325 9169