Major shock for automotive giant Tofaş from the Competition Authority!
The Competition Authority has not approved Tofaş's acquisition of Stellantis. In a statement regarding the matter, it was stated that 'the commitments provided were not sufficient.' Tofaş, meanwhile, announced that 'the decision is not final and the process is ongoing.'
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The Competition Authority stated that the commitments provided for the acquisition of Stellantis by Tofaş were not deemed sufficient.
In a statement made by the Competition Authority regarding the matter, it was noted that "Regarding the acquisition of Stellantis Otomotiv Pazarlama A.Ş., owned by Stellantis N.V. (STELLANTIS), by TOFAŞ Türk Otomobil A.Ş., which is under the joint control of STELLANTIS and Koç Holding A.Ş., it was decided to conduct a final investigation into the matter in accordance with the first paragraph of Article 10 of Law No. 4054 at the Competition Board meeting dated 23.11.2023 and numbered 23-54/1029-M. As a result of the discussions held at the Competition Board meeting dated 24.10.2024 and numbered 24-43/1027-M, it was decided that the commitments provided by the applicants regarding the matter were not sufficient to permit the transaction."
Tofaş had announced last July that the agreement regarding the acquisition of Stellantis Otomotiv Pazarlama A.Ş. for 400 million euros, based on a framework agreement reached on March 1, had been signed.
STATEMENT FROM TOFAŞ
In a statement made by Tofaş to the Public Disclosure Platform (KAP), it was said, "Within the scope of competition law regulations, the decision in question is an interim decision, and following the detailed evaluations to be made after the aforementioned decision is notified to our company, our additional explanations will be submitted to the Competition Board within the legal period."