Intriguing Turn of Events: Competition Authority Stalls Tofaş-Stellantis Acquisition Process

Tofaş (TOASO) made significant statements regarding the acquisition process of Stellantis' shares. According to the disclosure to the Public Disclosure Platform (KAP), the company signed an agreement to acquire all shares of Stellantis Otomotiv to take over the distributorship of the Peugeot, Citroën, Opel, and DS Automobiles brands in Turkey.

In previous announcements, it was noted that the Competition Board's approval was necessary for this transaction. Initial evaluations on December 5, 2023, indicated that the transaction would undergo a final review. However, it was announced on May 24, 2024, that the final review period had been extended. Due to the complexity and sensitivity of the process, this review is being conducted meticulously.

Interim decision from the Competition Board regarding the process:

As of yesterday, information published on the Competition Authority's website stated that the Competition Board evaluated the commitments presented and decided that they were not sufficient for the approval of the transaction. This decision is of interim nature, and further evaluations are expected to be followed by additional announcements.

This decision by the Competition Board is not yet final, and Tofaş plans to conduct a thorough evaluation of the situation and share new information with the public as soon as possible. While the outcome of the process remains uncertain, investors and industry representatives are closely monitoring these developments. Tofaş intends to continue with necessary legal applications and will share any significant changes with the public once it completes its legal and strategic assessments.