The Turkish Competition Authority approves a merger focusing its analysis on whether the two State-owned undertakings belong to the same economic unit and whether competition in the relevant product markets takes place on a global level due to their import-oriented nature (Sabic / Saudi Aramco)

This case summary concerns an analysis of the Turkish Competition Board’s (“Board”) Saudi Aramco/Sabic decision, [1] in which the Board focused on whether the two state-owned undertakings belonged to the same economic unit, while also analysing whether competition in the relevant product markets takes place on a global level due to their import-oriented nature. The Board recognised that the transaction would lead to a change of control on a lasting basis, despite being consummated between two state-owned undertakings, and unconditionally approved the transaction, following its evaluation that the transaction would not result in the creation or strengthening of a dominant position in any product markets in Turkey, and, in any case, it would not have an appreciable effect or likelihood to