Massmart Oh what the heck. Open another.
If you pop into Makro Woodmead, we are reliably informed, there is a bottle of 50 year old Glenfiddich which could be yours for R150 grand – if, that is, Mr Pattison and the boys haven’t got stuck in there first, given the events of Tuesday this week. Of course, there are headwinds – Mr Patel at the Department of Economic Development is considering his self-defeating legal options and SACCAWU are threatening action. They feel that the re-employment of the 503 workers retrenched in June last year is still very much at the discretion of the business, and that the guarantee against deal-related job losses is neither quantifiable nor enforceable, and are accordingly consulting their attorneys about the viability of an appeal. The balance of legal opinion, however, is that this thing is a go, like it or not.
Comment: We like it. More competition at the top end of the industry to keep things interesting, and a vote of confidence in the RS of A as an investment destination. And if you’re looking for Mr Pattison, we are told he’s in Bentonville just at the mo.