Competition Bureau closes investigation of scrap metal processor AIM's acquisition of TMR
April 29, 2020 - GATINEAU, QC - Competition Bureau
Today, the Competition Bureau announced the closure of its investigation into scrap metal processor American Iron & Metal Company Inc.'s (AIM) acquisition of Total Metal Recovery (TMR) Inc. after concluding the transaction is not likely to substantially lessen or prevent competition.
The decision to close the investigation on February 24, 2020, came after a three-month inquiry into concerns that it may affect competition in the purchase and sale of unprocessed and processed scrap metal in Quebec.
In December 2019, the Bureau reached an agreement with AIM requiring it to preserve assets acquired from TMR for a period of 60 days while the Bureau pursued its inquiry. Following a thorough investigation of the facts, the Bureau found that TMR was a failing firm whose assets were likely to have exited the market in the absence of the merger. On that basis, the Bureau determined no further action is required.
The Bureau’s analysis of the merger provides guidance to firms and their counsel on the types of information that are most relevant for a timely and efficient analysis of a failing firm. For more information on the Bureau’s investigation and analysis, please consult its position statement.
Merging parties intending to make failing firm claims are encouraged to provide complete information to the Bureau as early as possible during a review. The Bureau will continue to use all of the tools at its disposal to ensure it obtains the information required to evaluate whether a proposed or completed transaction is likely to substantially prevent or lessen competition.
Headquartered in Montreal, Quebec, AIM is a family-owned company that operates scrap metal processing facilities in Eastern Canada, including shredding facilities in Quebec.
Pre-merger, AIM and TMR were the two largest scrap metal processors in Quebec and both operated neighbouring scrap metal facilities in the Montreal area.
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