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substitutes or not have not been sufficiently searched. (3) The newly
built Tuzla Marina that is located in the same geographic market with
Pendik Marina has been put into service; yet, the effects of the new
marina have not been taken into account. (4) Due to the ambiguities
that remain in the definition of the relevant geographic market, whether
or not the transaction being subject to the Board’s authorization in
respect of exceeding the turnover thresholds are deemed as skeptical.
(5) Setur’s waiver from the right to operate the Kalamış and
Fenerbahçe Marina as a reason for the concentration has not been
taken into account.
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