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NEWS LETTER 2 0 1 0
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6 of Communiqué No. 1997/1 Concerning the Mergers and Acquisitions
Calling for the Authorization of the Competition Board. However, if only
two of these three undertakings are acquired by the parties, the transactions
would be regarded as permissible.
Concerning the acquisition of Dicle Elektrik Dağıtım A.Ş. by İş-
Kaya –MMEKA-Rosse OG, the Board indicated that this transaction
is permissible as it would not result in creating a dominant position or
strengthening an existing dominant position in the relevant markets.
In respect of Eti Gümüş – Söğütsen OG
The Board decided that the acquisition by Eti Gümüş A.Ş.-Söğütsen
OG of all four companies, Boğaziçi Elektrik, Gediz Elektrik, Trakya
Elektrik and Dicle Elektrik will not be authorized since the transaction
would result in creating a dominant position and decreasing competition
significantly in the relevant markets. In the Summary Decision, the Board
stated that if only three of these companies are acquired by Eti Gümüş-
Söğütsen OG, the transactions would be regarded as permissible.
In respect of the Other Bidders
The Board, in its evaluation concerning the other bidders, indicated
that the acquisition of Boğaziçi Elektrik by Park Holding, the acquisition
of Gediz Elektrik by Enerjisa, the acquisition of Trakya Elektrik by IC
İçtaş or KCETAŞ-AYEN-REL-PETCO OG and the acquisition of Dicle
Elektrik by Karavil-Ceylan OG or Çalık Enerji would be permissible.
Conclusion
In the Summary Decision of the Board, the material evidence on
which the evaluations of the Board concerning İş-Kaya -MMEKA OG or
Aksa Elektrik are based is not clear. The justification of the Board while
assuming the winning undertakings are the same economic entity as Aksa
Elektrik and consequently as Kazancı Holding A.Ş. is crucial; since the
Board, based on this justification, indicated that Kazancı Holding would be
in dominant position in the electricity distribution market and competition
would be significantly decreased.
The aforesaid acquisitions which are subject to notification are not
valid unless they are permitted by the Competition Board. The Competition