While the local arm of hardware chain Mitre 10 is not affected by a grocery giant’s bid for its Australian counterpart, the pieces are in place for a similar move here.

A controlling stake in the Australian Mitre 10 operation has been on offer for several months and Metcash confirmed late last week that it has bid for a 50.1% stake in the hardware retailer, with another unnamed private equity firm also interested in the retailer.

The Mitre 10 hardware chain in New Zealand has confirmed it is not up for sale, despite the Australian arm of the hardware chain seeking a new majority shareholder.

The Australian Mitre 10 – which shares the owner/operator co-operative model seen in New Zealand – has been looking for a new cornerstone shareholder since September, with two bidders putting their hands up late last week.