Cosatu warns of mass protests against Walmart deal

January 18, 2011

The arrival of Walmart, the world's largest retailer, on SA shores will not be without incident, according to an announcement by Cosatu yesterday. Tyotyo James, first deputy president of Cosatu, has vowed to boycott the company should Walmart, a global big box retailer, gain a controlling stake in Massmart. James further stated that Cosatu "urges shareholders to vote against this deal".

Walmart, founded in 1962, listed on the New York Stock Exchange ten years later, after explosive growth on a model that emphasised very low prices secured by aggressive bargaining with suppliers. Walmart, listed fourteenth on the Forbes Global 2000 list for 2010, has revenues of US$408,21 bn, with a market value of $205,37 bn.

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