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CMS Hasche Sigle provides merger control advice to Scholz Holding upon entry of Toyota Tsusho: China gives clearance in first review phase

14/07/2014

Stuttgart – The Japanese group Toyota Tsusho Corporation with its registered office in Tokyo has acquired a 39.9 percent share as shareholder in Scholz Holding GmbH from Essingen in the State of Baden-Württemberg. This transaction was part of the extensive restructuring process of the Scholz group.

A team from CMS Hasche Sigle, led by Dr Harald Kahlenberg, provided Scholz Holding with merger control advice on this transaction. The merger was notified to the European Commission, MOFCOM in China and the Turkish competition authority. All these notifications were processed in collaboration with the lawyers of Toyota Tsusho Corporation. Toyota Tsusho Corporation and Scholz Holding GmbH jointly engaged local law firms Jun He and ELIG for the notifications in China and Turkiye.

Clearance was obtained from the European Commission and the Turkish competition authority during the initial phase well before expiry of the respective review periods. In China this was one of the first procedures carried out under the simplified procedure which was introduced in April 2014. As a rule, until then merger control procedures had taken several months but the procedure for this transaction could be completed in the two-month initial review phase.

Scholz Holding GmbH, formerly Scholz AG, is one of the leading companies engaged in the recycling of and trade with ferrous and non-ferrous metal scrap. It generated worldwide revenues of approximately EUR 3.75 billion in the 2013 financial year. CMS Hasche Sigle has been advising the Scholz group for many years on competition and merger control law.

CMS Hasche Sigle

Dr Harald Kahlenberg, Lead Partner
Christian Treib
Peter Giese, all competition law

Press Contact
presse@cms-hs.com

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Press Release Scholz, 14/07/2014
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