Wal-Mart Stores may scale back its bid for Massmart to keep the South African retailer listed on the Johannesburg Stock Exchange.

Following consultations with major Massmart shareholders and key South African stakeholders, Wal-Mart is now considering a partial offer to “acquire in excess of 50% of the entire issue of the issued share capital,” Massmart said in a statement to the Stock Exchange today (28 October).

The company reaffirmed Wal-Mart’s offer at ZAR148 (21.03) per share. The world’s largest retailer made a bid for the South African chain on 27 September and the deal would be its first foray onto the African continent.

Shares in Massmart were down 0.35% at 11:21 SAST