The Turkish Competition Board clears without remedies an acquisition in the fuel sector (Total / CEPSA)

In October 2006, Total S.A. (“Total”) applied for the approval of the Competition Board (the “Board”) to acquire 4.35% shares that Banco Santander Central Hispano S.A. (“BSCH”) holds in Compania Española de Petroleos S.A. (“Cepsa”). Total already holding a total of 44.48% direct and indirect shares in Cepsa, closed the acquisition on October 13, 2006 whereas it applied for the approval of the Board on a later date, October 30, 2006. The Board, though approved the acquisition, came up with two very interesting arguments both of which may be expected to set a turning point in Turkish merger practice. First argument is on the

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Authors

  • Karia Bodrum Group (Mugla)
  • Balcıoğlu Selçuk Akman Keki (BASEAK)

Quotation

Eren Gönen, Alper Koç, The Turkish Competition Board clears without remedies an acquisition in the fuel sector (Total / CEPSA), 20 December 2006, e-Competitions Bulletin Energy & Mergers, Art. N° 13301

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