Wal-Mart reported looking to buy Indonesian retailer Matahari's division

New York City Wal-Mart Stores has joined the race to buy Indonesian retailer Matahari's hypermarket business in a deal worth up to $1 billion, Reuters reported.

Wal-Mart is expected to compete in the auction with South Korea's Lotte Shopping and private equity fund Carlyle Group.

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

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