The Germany-based scrap metal recycling firm Scholz Austria GmbH and Austria-based Voestalpine AG are seeking to acquire a controlling stake in the scrap metal recycling company Kovosrot Group, based in the Czech Republic. Kovosrot had previously been solely controlled by Scholz AG.
The two companies made the announcement late last year. According to published reports, the European Commission (EC) is reviewing the proposed acquisition. Reuters notes that the EC may extend the review time to 35 working days, to consider either a company's proposed remedies or an EU member state's request to handle the case.
Under the simplified procedure, the EC clears first-stage mergers without reason for its decision. Cases may be reclassified as non-simplified until they are approved.
Latest from Recycling Today
- AISI, Aluminum Association cite USMCA triangular trading concerns
- Nucor names new president
- DOE rare earths funding is open to recyclers
- Design for Recycling Resolution introduced
- PetStar PET recycling plant expands
- Iron Bull addresses scrap handling needs with custom hoppers
- REgroup, CP Group to build advanced MRF in Nova Scotia
- Oregon county expands options for hard-to-recycling items
