BENTONVILLE, Arkansas ( TheStreet) -- Wal-Mart Stores ( WMT) made a non-binding proposal to acquire South Africa's Massmart Holdings for more than $4 billion.

Massmart is South Africa's third-largest listed store group by value, according to Reuters. It is one of the largest consumer goods distributors in Africa. It runs 290 stores in 13 countries in Africa.

Wal-Mart, the world's No. 1 retailer, offered to buy Massmart for 148 rand per share, valuing Massmart at almost 29 billion rand. Massmart's shares closed Thursday at 134.75 rand, making Wal-Mart's offer a 9.8% premium.

Massmart has granted Wal-Mart an exclusivity period; the companies will hold acquisition talks but it's uncertain whether a formal offer will be made.

-- Written by Joseph Woelfel

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