The Turkish Competition Authority held that bidders for a privatization tender will not be required to file notification for clearance, provided, if they win the tender, that they have sole control of the special purpose vehicle (Takým/SMM Hesfibel)

The operation Takým is a company which was incorporated mainly for the purpose of manufacturing all kinds of set of tools. SMM is a special purpose vehicle incorporated solely for the purpose of participating to the privatization tender. The shareholders of SMM warranted that in the event the tender is won by SMM, a joint stock company will be incorporated by the same shareholders of SMM, of which at least 51% of the shares will be owned by the shareholders of SMM, and to which the privatized shares will be transferred. On the

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Zümrüt Esin, The Turkish Competition Authority held that bidders for a privatization tender will not be required to file notification for clearance, provided, if they win the tender, that they have sole control of the special purpose vehicle (Takým/SMM Hesfibel), 1 May 2003, e-Competitions Bulletin May 2003, Art. N° 21933

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