A Zambian government regulator has rejected a proposed merger of Japanese conglomerate Toyota Tsusho Corp and France's CFAO, because it would lessen competition in the local car market, according to a Reuters report.
The companies are both involved in the selling and distribution of new vehicles and parts in Zambia as well as servicing vehicles.
A Competition and Consumer Protection Commission spokesman said allowing the merger would give the two companies a combined market share of 75 percent.
Toyota Tsusho Corp said in December it had secured almost 98 percent of French distribution company CFAO.
The European Union aims to reduce CO2 emissions by 30% in just 12 years through the federation’s first proposed CO2 emissions standards.