GOP lawmaker wants to kill Walmart’s walmart merger
Republican Rep. David Schweikert, a Florida lawmaker, is calling for the merger of two Walmarts, including one in Florida, that will leave the company with $4.3 billion in annual debt.
The legislation would stop the merger and force the company to sell the property it owns in Florida.
It also would require the company pay a $1 billion bond, which would be used to finance any future takeover attempts by the company.
The proposal is supported by Florida’s powerful House Republican Conference.
It would be a first step toward dismantling a deal that has attracted the support of more than 200 companies in recent years, including Amazon, Costco and Walmart.
The deal would combine Walmards Florida headquarters with another Florida mall in St. Petersburg and create the largest U.S. retail company in Florida’s history.
The proposed merger would create the world’s largest privately held retailer, the largest online retailer and the world leader in online shopping.
The Florida Retail Council has long supported the merger, saying that the two companies share similar retail philosophies and that the merger will create an even bigger Walmars Florida footprint.
The plan has been backed by both major U.K. unions and the United Auto Workers.
It was the top issue in the presidential primary and also in the 2018 U.N. General Assembly.
The UAW, for example, said the deal would bring more jobs to Florida and would provide the company better workers’ rights, better benefits and more competitive pricing.
Walmarks CEO Tim Cramer, who has said he believes the merger is “the right thing to do,” said on CNBC that it would provide “an even bigger retail presence” in Florida than it currently has.
He said the companies will share the same corporate headquarters in Florida and said that the company’s focus would be to continue growing, while offering consumers a variety of brands and products.
The Associated Press contributed to this report.
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