Stellantis and Tofaş Reassess Competitive Barriers in Turkey - Bloomberg News

According to a report, Stellantis NV's efforts to sell its distribution operations in Turkey to Tofaş (IS:TOASO) Türk Otomobil Fabrikası AŞ may revive following the Turkish Competition Authority's initial rejection in October. Sources close to the matter indicate that the Competition Authority is reevaluating its decision after discussions with government officials and Tofaş representatives. However, the Competition Board has yet to make a comment, and Stellantis NV has not responded to the matter.

Tofaş, which aims to take over the distribution of Stellantis NV vehicles in Turkey, described the prior competition ruling as a temporary measure and stated that updates regarding the approval process will be made public. The transaction, previously reported to be worth €400 million, was halted by regulators on the grounds that Stellantis NV and Tofaş had not taken sufficient measures to address competition concerns.

The blocked deal would have granted Tofaş the import and distribution rights for Stellantis NV brands, including Peugeot, Citroen, Opel, and DS Automobiles. Tofaş, known as Tofaş Türk Otomobil Fabrikası AŞ, is also involved in the production of Fiat vehicles and components.

On Sunday, Stellantis NV CEO Carlos Tavares resigned amid declining sales and stock prices.