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9 May, 2001IMF Australian affiliates will urge shareholders to reject proposal.
AUSTRALIA: Australia's biggest trade unions today (May 10) launched a campaign to stop the proposed $58 billion merger (US$30.5 billion) of Australia's largest company, the mineral and metals multinational BHP Ltd, with the London-based metals multinational Billiton plc. The IMF's three Australian affiliates -- the Australian Manufacturing Workers' Union, Australian Workers' Union, and the Communications, Electrical, Electronic, Energy, Information, Postal, Plumbing and Allied Services Union -- have joined with three other unions to urge BHP shareholders to reject the proposal.
The unions and workers are greatly concerned that the deal would result in large-scale job losses and insecurity.
The merger will require a 75 per cent vote in favour of it to pass, however financial analysts are not pushing the deal, and so far approximately 20 per cent of the shareholders are leaning against accepting it.
The trade union campaign will include advertisements in the media and a rally on May 18 at the shareholders' meeting.
The unions and workers are greatly concerned that the deal would result in large-scale job losses and insecurity.
The merger will require a 75 per cent vote in favour of it to pass, however financial analysts are not pushing the deal, and so far approximately 20 per cent of the shareholders are leaning against accepting it.
The trade union campaign will include advertisements in the media and a rally on May 18 at the shareholders' meeting.