Hualian denies Wal-Mart bid report

Beijing Hualian, one of China's biggest retail groups, has denied a published report that it is in talks with hypermarket giant Wal-Mart on a possible takeover bid.

Britain's Daily Telegraph reported that Wal-Mart has asked advisers at investment bank Credit Suisse to draw up plans to buy all or part of the Beijing-based retailer.

The newspaper cited an anonymous inside source that said the two parties have held preliminary talks and both have been "looking hard" at the possible deal.