October 28, 2010 / 7:28 AM / in 8 years

Massmart slides as Wal-Mart may scale back bid

JOHANNESBURG (Reuters) - Shares of South Africa’s Massmart (MSMJ.J) fell more than 2 percent on Thursday after it said Wal-Mart (WMT.N) may scale back its bid to a controlling stake in the retailer.

Shares of Massmart (MSMJ.J) were down 2.8 percent at 137.50 rand as of 3:13 a.m. ET, underperforming a 0.5 percent gain in Johannesburg's Top-40 index .JTOPI.

Reporting by David Dolan; Editing by Ed Cropley

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