In a recent development, Stellantis NV (NYSE:STLA)'s efforts to sell its Turkish distribution operations to Tofas Turk Otomobil Fabrikasi AS could see a revival after the initial rejection by the Turkish Competition Authority in October, according to a report from Bloomberg News. Sources familiar with the situation report that the Turkish Competition Authority is reconsidering its decision following discussions with government officials and Tofas representatives. However, the Competition Board has not provided any comments, and Stellantis has yet to respond to the matter.
Tofas, which aspires to take over the distribution of Stellantis vehicles in Turkey, described the previous antitrust ruling as an interim measure and has indicated that updates regarding the approval process will be communicated to the public. The transaction, previously valued at €400 million, was halted by regulators who cited a lack of adequate measures by Stellantis and Tofas to alleviate competition concerns.
The blocked deal would have given Tofas the exclusive import and distribution rights for Stellantis brands, including Peugeot (OTC:PUGOY), Citroen, Opel, and DS Automobiles. Tofas, officially known as Tofas Turk Otomobil Fabrikasi AS, is also involved in the manufacturing of Fiat (BIT:STLAM) vehicles and components.
On Sunday, Stellantis CEO Carlos Tavares resigned amid the company's flagging sales and stock price.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.