Jakarta/Singapore -- Wal-Mart Stores is in talks to become a partner of Indonesian retailer PT Matahari Putra Prima to develop its hypermarts, according to Reuters.
South Korea's Lotte Shopping Co. has withdrawn from talks for a deal with Matahari, the report said. Matahari last month said it will seek a “global partner” to develop its hypermart business.
In January, Lippo Group, an Indonesian conglomerate which controls Matahari via PT Multipolar, abandoned plans to sell its Hypermart chain because of low offers and instead opted to seek a global partner to expand. "Lotte is out due to disagreement over pricing and branding,&q