The listed Japanese Toyota Tsusho Corporation (TTC) is acquiring a stake in Scholz AG. Gleiss Lutz advised Scholz AG on all aspects of the structured investor process and the negotiations with TTC.
TTC will acquire a 39.9% stake in Scholz AG. The entire consideration will be contributed to the company, which means a considerable improvement in the international recycling group’s capital structure. With TTC’s investment, the current restructuring of the Scholz Group can therefore be successfully completed. The Scholz family will hold the remaining shares andthus continue to own the majority stake in Scholz AG.
With around 7,000 employees, the Scholz Group is one of Europe’s leading recycling undertakings and the second-largest dealer in scrap metal worldwide. The group generated turnover of approx. EUR 3.7 billion during the last financial year. TTC has operations in more than 60 countries worldwide and achieved sales of around EUR 44 billion during the past financial year. The group is listed on the Tokyo stock exchange, among others.
The transaction is still subject to the approval of the relevant authorities, among other things, and depends on the further support of Scholz AG by its existing financing partners. Closing is expected to take place in the second quarter of 2014.
Gleiss Lutz provided Scholz AG with comprehensive advice on all aspects of the transaction. Lead counsel for the investor process, which was organised by Gleiss Lutz together with the investment bank Rothschild, were Dr. Jan Bauer (partner, corporate/M&A, Frankfurt) and Dr. Jochen Tyrolt (partner, corporate/M&A, Stuttgart). The Gleiss Lutz team advising on the refinancing is led by Dr. Helge Kortz and Dr. Kai Birke (both partners, finance/capital markets, Frankfurt). Dr. Cornelius Götze (partner, corporate/M&A, Frankfurt) is lead counsel for the corporate restructuring agreed as part of the transaction.
The following Gleiss Lutz lawyers also worked on the matter: Dr. Rüdiger Schmidt-Bendun, Richard Notz, Lars Jeschke, Hendrik Plath, Dr. Konstantin von Dryander, Isabell Fricke, Dr. Carsten Walter (all corporate/M&A, Frankfurt), Nikolos Tsagareli, Alexander Gebhardt, Anne Lengtat, Sebastian Tusch (all finance/capital markets, Frankfurt), Dr. Michael Marquardt (partner), Dr. Ulrike Bär, Dr. Michael Betzinger (all tax, Frankfurt), Dr. Andreas Spahlinger (partner), Dr. Matthias Tresselt (both restructuring, Stuttgart), Dr. Wolfgang Bosch (partner), Dr. Birgit Colbus, Antonia Harbusch, Sergej Bräuer (all antitrust, Frankfurt), Dr. Christian Arnold (partner), Dr. Andreas von Medem (both employment, Stuttgart).
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