There was a very important development last year, Stellantis brands Tofaş was included under its umbrella.
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 Turkey 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 will be distributed by. Bringing all activities in Turkey under one roof with the support of two powerful shareholders will allow unprecedented synergies in commercial activities, production and R&D worldwide, while also paving the way to offer broader and more efficient products and services to Turkish consumers. This issue came to the agenda again today because Tofaş made a new notification via KAP and said: quoted:
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“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 examination could not be completed on 23.05.2024 and that it was decided to extend the final examination 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.”