Competition Authority did not allow Tofaş – Stellantis agreement

Tofass acquisition of Stellantis has been


The Competition Authority published an official statement today and announced that the Tofaş – Stellantis agreement was not allowed.

To remember, last year Koç Holding and Stellantis announced that they aimed to further expand their existing Tofaş joint venture in order to efficiently provide best-in-class products and services to customers and business partners and to increase the operational potential in Turkey. With the agreement made in this context, Tofaş announced that it will purchase the entire capital of Stellantis Türkiye distribution company Stellantis Otomotiv Pazarlama A.Ş. As a result, all Stellantis brands distributed in Turkey are “Alfa Romeo, Fiat, Citroën, DS Automobiles, Jeep, Maserati, Opel and Peugeot” Now Tofaş It would be distributed by. However, this was not allowed. The Competition Authority said the following about the latest decision: quoted: “Stellantis Otomotiv Pazarlama A.Ş., which belongs to Stellantis NV (STELLANTIS), is owned by TOFAŞ Türk Automobile A.Ş., which is under the joint control of STELLANTIS and Koç Holding A.Ş. Regarding the takeover process by A.Ş., it was decided to conduct a final review on the issue in accordance with the first paragraph of Article 10 of Law No. 4054, at the Competition Board’s meeting dated 23.11.2023 and numbered 23-54/1029 –M. As a result of the discussions held at the Competition Board’s meeting dated 24.10.2024 and numbered 24-43/1027-M, “It has been decided that the commitments made by the applicants regarding the issue are not sufficient to allow the transaction.”

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This issue was last brought to the agenda by Tofaş’s new statement on KAP: “With our statement dated 29.07.2023, all shares of Stellantis Otomotiv Pazarlama A.Ş. (Stellantis Otomotiv) and the current activities of Stellantis Otomotiv in Turkey, including the distributorship of Stellantis brands consisting of Peugeot, Citroën, Opel and DS Automobiles, will be transferred by our Company. In the statement dated 05.12.2023, in which the Share Transfer Agreement regarding the acquisition was signed, it was stated that, as a result of the evaluation made regarding the Competition Board permission that should be obtained for the said transaction, the transaction was taken into final review by the Competition Board in accordance with the first paragraph of Article 10 of the Law on the Protection of Competition No. 4054. It was announced to the public that the decision was made and the process continues. With the notification made by the Competition Board, it was stated that it was understood that the final review could not be completed on 23.05.2024 and it was decided to extend the final review period. In this context, as stated in our statement dated 05.12.2023, the process continues.”

Tofaş had previously stated the following via KAP: “With our statement dated 29.07.2023, all shares of Stellantis Otomotiv Pazarlama A.Ş. (“Stellantis Otomotiv”) will be transferred to the existing activities of Stellantis Otomotiv in Turkey, including the distributorship of Stellantis brands consisting of Peugeot, Citroën, Opel and DS Automobiles. Regarding the acquisition by our company It was announced to the public that the Share Transfer Agreement was signed.

Among the prerequisites stated in the statement in question: As a result of the evaluation made regarding the Competition Board permitby the Competition Board, in accordance with the first paragraph of Article 10 of the Law on the Protection of Competition No. 4054. It was decided to take it into final review. In this context, the process continues and the previously shared The anticipated completion date may change.. “Important developments on the subject will be shared with our investors.”

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