Wal-Mart Stores Inc. is considering taking a smaller stake in South African retailer Massmart Holdings Ltd.

Massmart said Thursday that the world's biggest retailer informed the company that it may now make a partial offer to buy more than 50 percent of the company for 148 rands ($21.06) per share.

In September Wal-Mart offered buy all of Massmart for about $4.25 billion. The move was viewed as a way for Wal-Mart to jump-start growth beyond its sluggish U.S. business.

Massmart currently has 201.5 million shares outstanding, according to Thomson Reuters. The company, based in Johannesburg, runs about 290 stores in 13 countries in Africa, with most in South Africa. It also manages eight wholesale and retail chains under various brand names.