Mitre 10 has a new majority shareholder

Metcash, a grocery wholesaler and retailer, is acquiring 50.1 per cent of Mitre 10, an Australian hardware wholesaler and cooperative, for around AU $ 55 mio. The members of Mitre 10, most of them store owners, have now agreed to the buy-in. Mitre 10 is to continue to exist as a nationally operating organisation of independent retailers. Metcash also has the option of acquiring the remaining 49.9 per cent in 2012 or 2013. Four of the seven members of the board of Mitre 10's new holding company come from Metcash.