Walmart Will Join Auction for Indonesia's Matahari's Hypermart
On Tuesday, the Financial Times reported that its sources revealed the Jakarta-listed Matahari Putra Prima had hired Bank of America Merrill Lynch (BAC) to review "all strategic options to maximize shareholder value," including a possible acquisition. Matahari is selling Hypermart, Indonesia's second-biggest hypermarket chain after PT Carrefour Indonesia.
Reuters said that although Walmart had hired Barclays Capital (BCS) to advise it on the transaction, it was unclear whether the Dow component had submitted a formal offer.
While Walmart has been faring well in the recession and its sluggish aftermath, it faces diminishing growth prospects in the U.S. and has been looking to emerging markets to find opportunities for expansion.