Toyota Tsusho Corporation's (TTC) decision to acquire a share of the German scrap recycling concern Scholz has been greenlighted by the European Commission. "Because of the limited overlaps between the merging parties' activities", the Commission concluded that TCC's investment would not adversely affect competition, the EU body explained in a brief statement.
In April, TTC made public its intention to purchase 39.9 per cent of the beleaguered Scholz AG, now operating as Scholz Holding GmbH. TCC is the trading arm of Toyota Group and generated revenues of €44.7bn and operating income of €0.821bn in the 2012/2013 financial year, which ended on 31 March. The infusion of Japanese cash was to create a basis for successful completion of its ongoing reorganisation process, according to Scholz.