The European Commission has announced that it has approved the share acquisition by Toyota Tsusho Corporation, the
trading unit of Japanese car producer Toyota Group, in
Germany-based
scrap recycler Scholz AG. The commission concluded that the proposed acquisition would not raise competition concerns, because of the limited overlaps between the merging parties' activities.
Scholz, currently solely controlled by Scholz family shareholders, is active in the
trading and processing of ferrous and non-ferrous
scrap and steel.
As SteelOrbis previously reported, in April this year Toyota Tsusho Corporation announced that it would acquire 39.9 percent of shares in Scholz.