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Essay / Research Paper Abstract
3 pages of research discussing obstacles faced by foreign (U.S.) businesses wishing to operate in South Africa since apartheid. Focus is on Goodyear. 1 source listed in bibliography.
Page Count:
3 pages (~225 words per page)
File: D0_Apartbus.doc
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mining company that bought Goodyear-South Africa in 1990. Anglovaal, the mining company, had retained a technical agreement to produce Goodyear and Kelly-Springfield brand tires in the South African plant.
College Retirement Equities Fund, which owned 2 million Goodyear shares worth about $73 million, said in its proposal: American corporations are completely withdrawing in greater numbers
while others, like Goodyear, although they have announced their withdrawal, have ... continued economic ties to South Africa. Despite the South African governments freeing of black political leader Nelson
Mandela and the legalizing of the African National Congress since February, the $38 billion CREF fund had still maintained its hard-line stance on U.S. corporations doing business in South Africa
at apartheids end. We are delighted that Mandela is now free, and that is a significant step forward, said CREF spokeswoman Claire Sheahan in New York
(1992). However, it would be premature for (the fund) to change its position until we see the actual dismantling of the apartheid system. The Goodyear shareholders annual meeting will
be at 10 a.m. Monday in the Goodyear Theatre, across from the companys headquarters. Along with the South Africa proposal, shareholders also voted on proposals that
would make proxy votes confidential, and another that would deny Goodyear management the ability to pay greenmail. Greenmail is a payment to one stockholder -- like a corporate raider --
that is usually made at an above-market value for shares. Critics say that Goodyear management paid Sir James Goldsmith greenmail during their 1986 takeover battle. The company says it
did not. White rule is on its way out and sanctions will go with it, but South Africans hoping to greet democracy in a
...