The coalition comprised the Congress of South African Trade Unions (Cosatu), the South African Commercial, Catering and Allied Workers Union (Saccawu), UNI Global Union and the North American United Food and Commercial Workers International Union (UFCW).
Massmart's shareholders were expected to vote in support of Wal-Mart's offer to acquire 51% of Massmart's shares at the meeting.
Speaking at the event, Tyotyo James, first Deputy-President of COSATU, said despite the advent of democracy in 1994, South Africa remained one of the most inequitable societies in the world.
"The acquisition will cut out even more local ownership of one of the major retail players in the country.
"Although Wal-Mart has tried to convince the public otherwise, history has shown us that the entry of the world's largest company would not be good for the consumers, suppliers, or people of South Africa," he said.
Mduduzi Mbongwe, Deputy General Secretary of Saccawu, the union that represents Massmart's workers, said Wal-Mart had come into South Africa and tried to claim that it was union-friendly.
"But we know from our friends and colleagues from around the world, and especially in the US, of Wal-Mart's relentless attacks on workers and unions," he said.
He added that the union's short experience in trying to engage with Wal-Mart thus far had been discouraging and if the company continued on its path, without taking the concerns of workers and the union seriously, "the outcome would be an industrial strife, which would not be good for workers or investors."
Meanwhile, Alke Boessiger, Head of the Commerce Sector for UNI Global Union, said the one key lesson he could offer the people of South Africa was that the right time for the country and unions to set strong standards that protect workers, local suppliers, and community interests was when the company is making an initial bid.
Michael Bride, Deputy Organizing Director for Global Strategies of the 1.3 million member strong UFCW International Union of USA and Canada, said Wal-Mart's anti-worker and anti-union bias was well known in North America.
Saccawu said that it would challenge the proposed takeover via South African competition law and in the political realm and would continue to directly educate its union membership about the implications for workers should the takeover proceed.
Wal-Mart made its intentions official in November for a R16.5 billion cash offer to acquire 51% of Massmart at R148 per Massmart share.
"The offer represents a 19.2% premium to the 30-day weighted average price on September 23, the last trading day prior to the indicative offer announced on 27 September 2010, and has been unanimously recommended by the Massmart board of directors," said Wal-Mart.
Massmart will continue to trade on the JSE if the deal is completed.
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
