Chiho Tiande Group has completed the take-over of ailing German ferrous scrap recycler Scholz. The company is now a fully-owned subsidiary of the Chinese non-ferrous metals recycling firm. At an extraordinary general meeting on 15 December, 100 per cent of the Chinese group’s shareholders present approved the proposed acquisition. This was the final step among several closing conditions, Chiho Tiande Group (GTG) reported on the following day. CTG paid a symbolic price of one Euro for Scholz, but invested about €350m in the preceding months to help out the ailing recycling company by taking over debt and other transactions.
Liberty Iron & Metal Holdings LLC (“Liberty”) today announces the completion of the acquisition of its parent company Scholz Group by its strategic lender Chiho Renewable Development Ltd.
Liberty Iron & Metal Holdings Inc, a scrap metal recycling company headquartered in Phoenix, has announced that Scholz United States Inc., its majority shareholder, has acquired the remaining interest from the company’s minority shareholder, the Diamond family. With the buyout, Scholz Group is now the sole shareholder of Liberty Iron & Metal and has full control over all operations.
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