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NEWS LETTER 2 0 1 0 98
New Communiqué on Mergers and Acquisitions*
The Communiqué Concerning the Mergers and Acquisitions Calling
for the Authorization of the Competition Board No. 2010/4 (hereinafter
referred to as the “New Communiqué”) was published in the Official
Gazette dated October 7, 2010, and numbered 272221 after a long period
of work2. However, the New Communiqué will enter into force on January
1st, 2011. Therefore, a transition period of approximately three months is
granted to undertakings and competition practitioners in order to become
familiar with the important amendments made to the Communiqué on the
Mergers and Acquisitions Calling for the Authorization of the Competition
Board No. 1997/1 (hereinafter to be referred to as the “Communiqué No.
1997/1”).
Why a New Communiqué?
Communiqué No. 1997/1, which is still in force, envisages a threshold
systeminvolvingmarket shares for themergers and acquisitions tobe subject
to authorization. Nevertheless, this system does not provide sufficient legal
certainty. In addition to this legal uncertainty, the amount of fines imposed
for merger and acquisition transactions subject to authorization that are
realized without authorization has also been increased to an important
extent via an amendment made to the Act on the Protection of Competition
No. 4054 in 2008. These successive developments made obligatory the
issuance of a new Communiqué to replace Communiqué No. 1997/1.
Furthermore, during the process of harmonization with the European
Union, it was also intended to integrate into Turkish Law the novelties
brought by Council Regulation (EC) numbered 139/2004 and dated 20
January 20043, (hereinafter referred to as the “Regulation No. 139/2004”)
* Article of October 2010
1 To consult the New Communiqué, see the following link:
teblig/teblig83.pdf.
2 The first draft of the New Communiqué was submitted for public opinion on Febru-
ary 15, 2010. This first draft was examined in our Newsletter of February 2010. To con-
sult the article, see the following link:
php?katid=12110&id=14456&main_kat=12211. As for the second draft, it was submitted to
the attention of competition practitioners during the meeting of the Competition Association
on May 7, 2010.
3 To consult the Regulation, see the following link:
:32004R0139:en:HTML.