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EU oks acquisition of Turkish hazelnut co Oltan by Ferrero 14 septembre 2014

Posted by Acturca in Economy / Economie, Turkey / Turquie, Turkey-EU / Turquie-UE.
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SeeNews, September 12, 2014

Yurkie Ali, Istanbul (Turkey)

The European Commission (EC) said on Friday it has cleared the proposed acquisition of Turkish hazelnuts trading and processing company Oltan by Luxembourg-based Ferrero International S.A., the parent company of Italian sweet products maker Ferrero Group.

“The Commission concluded that the transaction would not raise any competition concerns, in particular because the merged entity will continue to face sufficiently strong competition after the merger and customers will still have sufficient alternative suppliers in all markets concerned,” the Commission said in a statement.

Ferrero is a rival of Oltan, through Stelliferi, in the procurement and supply of hazelnuts and, at the same time, a customer of Oltan. The acquisition will create the world’s largest hazelnuts supplier, with a significant market position for hazelnuts grown in Turkey, which accounts for around 70% of the worldwide production, the Commission said.

Ferrero is the largest purchaser of hazelnuts worldwide. It uses hazelnuts as an ingredient in the manufacturing and sale of chocolate confectionery and in the manufacturing and sale of sweet spreadable products.

Oltan is a group of companies active in the purchase, processing and commercialization of hazelnuts, mainly of Turkish origin, all over the world.

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