Chiho-Tiande set to take over Scholz, say press reports

Germany – Chinese metal recycler Chiho-Tiande is close to taking over debt-laden German scrap major Scholz, according to German media reports. Almost all creditors are said to have accepted the offer from the Hong Kong exchange-listed company.

Employing almost 5000 people, Scholz has debts of more than Euro 1 billion and has been suffering as a result of the price pressures on the global scrap and steel markets.

Initially, Scholz had been in negotiations with US investor KKR but these talks are said to have been cancelled.