Shareholders of Massmart gave the WalMart deal the thumbs up yesterday. The court still needs to sanction the deal, but the main thing is that shareholders voted in favour. So there you go, they being WalMart have achieved gaining 51 percent of the company. As the official release said: "A further announcement regarding the results of the Court hearing and the final important dates and times for the Scheme will be released on SENS and published in the South African press after the Court hearing."
The official line from COSATU of course was to suggest that this deal is a bad idea: "The Coalition used the opportunity to address the Massmart Shareholders, and explain to them the implications of this deal, for workers in Massmart, the wholesale and retail sector, its supply chains and other sectors within the economy. The deal is not in the interests of the country and the national imperatives of transformation, economic growth, job creation and poverty alleviation." Sorry, I cannot agree with the last part. Cheaper goods mean lower inflation. Inflation is the scourge of the poor. WalMart have global clout. Cheaper goods is a GOOD THING!! Not a bad thing. That is all.