The European Commission said it has cleared Toyota Tsusho Corp. and Scholz AG.'s proposed metals joint venture.
The deal was examined under the EU's simplified merger review procedure; cases which the commission believes do not pose competition concerns.
The joint venture will be called Green Metals Poland. The activities of the combined business will be broken out according to the strengths of the three groups.
· Scholz will be involved in the trading and processing of the ferrous and non-ferrous scrap and steel
· Toyota Tsusho Corp. will provide logistics services for the automotive industry, as well as trading of metals, machinery, chemicals and other products
· Green Metals Poland will collect and process the metal and non-metallic waste and scrap.
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