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Monday, January 10, 2011

Indonesia's Matahari scraps $1 bln Hypermart sale, may seek partner

Indonesia's Matahari Putra Prima said it will retain its hypermarket business as a wholly owned entity, effectively scrapping a $1 billion sale plan, but will look for a global partner to expand the business. The decision to retain the unit comes after two rounds of bidding for Matahari's hypermart business, Indonesia's second largest, which sources had said was aimed at raising $1 billion. [ID:nTOE70607D] The deal had generated interest from South Korea's Lotte Shopping , French retailer Casino Guichard Perrachon SA , and Wal-Mart , the world's largest retailer.