Lotte says not interested in buying Indonesia's Matahari

SEOUL: South Korea's Lotte Shopping Co Ltd said on Friday that it has pulled out of a bid to buy Indonesian retailer PT Matahari Putra Prima.

"We were seeking to buy an Indonesian retail asset ... but decided not to pursue the acquisition due to little progress in the auction and uncertain prospects," Lotte said in a filing to the stock exchange.

In February, sources said Wal-Mart Stores Inc, the world's biggest retailer, was in talks to become a partner of Matahari to develop its hypermarts.