Wal-Mart Plans $4.6 Billion Move for South Africa's Massmart

Wal-Mart Stores (WMT) is planning a $4.6 billion offer for South African retailer Massmart.

The deal would value Massmart at 148 rand ($21.10) a share, Bloomberg News said. That's 9.8% higher than the company's last closing price.

"We are continuing to deploy our strategy to accelerate growth and improve returns in our international business and this region of the world fits with our focus on large, high growth markets," Wal-Mart CEO Doug McMillon said in a statement.

Massmart has 290 stores in 13 African countries, with most stores located in South Africa.

The deal would be Wal-Mart's largest since 1999, when it bought U.K. supermarket chain Asda for about $11 billion.