Matahari

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.