The Turkish Competition Authority (“TCA”) examined the acquisition by Cargill Tarım ve Gıda Sanayi Ticaret AŞ (“Cargill Türkiye”) of the sole control of PNS Pendik Nişasta Sanayi AŞ from Alpinvest Yatırım Gıda Sanayi ve Ticaret AŞ and, conditionally authorized subject to the behavioral commitments offered by the parties. TCA concluded that the transaction constituted a notifiable concentration under Article 7 of Act No. 4054 on the Protection of Competition and Communiqué No. 2010/4 and found that it could significantly impede effective competition, particularly in the glucose syrup and its mixtures sub-market.
In its assessment, the TCA identified competition concerns relating to pricing practices, the risk of supply restrictions, and potential cross-subsidisation. However, it concluded that the behavioural commitments submitted by Cargill Türkiye were sufficient, appropriate and proportionate to eliminate the identified competition concerns. Accordingly, the TCA determined that the potential adverse effects of the transaction on competition could be effectively addressed through these commitments and granted conditional approval.
Under the accepted commitments, price increases for quota-regulated domestic products will be limited by specified cost parameters and monitored for five years through independent audits; continuity of supply to customers will be ensured on the basis of objective commercial criteria; and revenues generated from domestic sales of glucose syrup and glucose syrup mixtures will not be used to cross-subsidise other product groups. The TCA further emphasised that these commitments are legally binding and that any breach may result in daily administrative fines pursuant to Article 17 of Law No. 4054.
(TCA – 30.06.2026, 26-23/685-275)
NAZALI TAX & LEGAL