Wal-Mart eyes bid for Indonesia Matahari units: sources

HONG KONG (BestGrowthStock) – Wal-Mart Stores Inc (WMT.N: ), the world’s top retailer, has joined the race to buy Indonesian retailer Matahari’s (MPPA.JK: ) hypermarket business in a deal worth up to $1 billion, sources familiar with the matter told Reuters on Thursday.

Wal-Mart is expected to compete in the auction with South Korea’s Lotte Shopping (023530.KS: ) and private equity fund Carlyle Group (CYL.UL: ).

Although it was unclear whether Wal-Mart had submitted a formal offer, sources said the retailer has hired Barclays Capital (BARC.L: ) to advise it on the transaction. The sources have direct knowledge of the process but were not allowed to speak on the record because details of the auction remain private.

Wal-Mart did not respond to phone calls seeking comment, while Barclays Capital declined to comment.

Matahari is selling Hypermart, Indonesia’s second-biggest hypermart chain after PT Carrefour Indonesia, to focus on its core healthcare and property assets.

Bank of America (BAC.N: ) is advising Matahari on the deal, Reuters previously reported.

(Reporting by Denny Thomas; Additional reporting Bradley Dorfman in Chicago; Editing by Ken Wills)

Wal-Mart eyes bid for Indonesia Matahari units: sources