Deal is worth $165 million.
Hardware giant Bunnings has long been a key player in the home improvement space but since Woolworths-owned Masters Home Improvement entered the market it has changed things up. Or has it?
Metcashâ€™s hardware division Mitre 10 has entered into a joint venture with two hardware trade groups â€“ Dahlsens and Capeview Building Supplies.
Metcash Limited has confirmed that it had acquired 100 per cent ownership of the Mitre 10 Group.
Sydney's Sunlite has switched banners from Danks/Thrifty Link to Metcash's Mitre 10 banner as the groups look to expand their country-wide footprint.
A year after Metcash’s acquisition of a 51 per cent share in Mitre 10 Group, the hardware is reorganising its operations and growing its network across the country.
For the eleventh consecutive year, Metcash has recorded another record profit increase.
Metcash will pay an estimated $55 million for a 50.1 per cent stake in Mitre 10 Group.
Metcash is planning a takeover bid for Mitre 10, aiming to acquire 100 per cent of the group in either 2012 or 2013 and become the 'champion of the independent hardware retailer'.
Mitre 10 Australia has admitted that it engaged in misleading and deceptive conduct and made a false representation about the price of goods when it advertised its '20 per cent off storewide' sale in February this year.