(Adds industry context, details about Woolworths and Metcash stores)
SYDNEY, Aug 24 (Reuters) - Australia's top grocer Woolworths (WOW) put its shares on a trading halt on Wednesday ahead of an announcement on its home improvement joint venture.
Rival Metcash (MTS) also sought a trading halt on its shares pending an announcement regarding its participation in Woolworth's Home Timber & Hardware Group sale process.
A combined Metcash and Woolworths business could emerge as a stronger rival to Wesfarmers-owned Bunnings (WES), the undisputed king of hardware in Australia.
Woolworths is already battling a step-up in competition in its core supermarket business brought about by new entrants such as Aldi, contributing to its first loss in 23 years in February.
Last month, it announced a restructuring including job cuts and store closures. Woolworths is also looking to sell or wind up its stake in its loss-making hardware chain Masters.
Metcash already owns DIY hardware chain Mitre10 and most of its 400 plus stores are owned by franchisees selling outdoor furniture, garden tools and laundry appliances. ($1 = 1.3144 Australian dollars)
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$3.90 |
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Mkt cap ! $4.286B | |||
| Open | High | Low | Value | Volume |
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