Compelling Insights into Tofaş: Stellantis Decision from Competition Authority Remains Unfinalized as Proceedings Persist

Tofaş (IS:TOASO) announced that the Competition Board's decision regarding the acquisition of shares in Stellantis Otomotiv Pazarlama AŞ is an interim decision and that the process is still ongoing. The Competition Board reported yesterday that the commitments provided for Stellantis' acquisition by Tofaş were deemed insufficient.

In a statement to the Public Disclosure Platform (KAP), Tofaş noted, "Under the regulations of competition law, the decision is of interim nature. Following the notification of this decision to our company, further explanations will be submitted to the Competition Board within the legal time frame after a detailed evaluation."

The statement included the following information: "As disclosed on July 29, 2023, a Share Transfer Agreement was signed for the acquisition of all shares in Stellantis Otomotiv Pazarlama AŞ (Stellantis Otomotiv), including the distribution of Stellantis brands Peugeot, Citroën, Opel, and DS Automobiles in Turkey. On December 5, 2023, it was announced that the transaction had been subjected to final review by the Competition Board. On May 24, 2024, it was publicly disclosed that the review period had been extended and the process was ongoing based on the notification from the Competition Board."

The announcement on the Competition Authority's website yesterday stated that the Board decided the commitments provided for the transaction were insufficient for approval. According to the competition law regulations, this is an interim decision, and after the decision is notified to our company, a detailed evaluation will be conducted, and additional explanations will be presented to the Competition Board within the legal timeframe. The decision is not final, and the process continues, with significant developments to be shared with our investors.