Tofas gains after antitrust authority clears deal to acquire Stellantis' Turkey ops

Tofas Turk Otomobil Fabrikasi

21/04/2025 08:32

** Turkish auto manufacturer Tofas jumps over 6% after Competition Board approves acquisition of Stellantis Otomotiv, with new commitments for an investment plan

** Deal would see Tofas take over Stellantis' STLAM.MI Turkey operations and distribution rights for its brands

** As part of its commitment package, it will invest up to 256 million euros ($295.1 million) in new light vehicle project

** Brokerage Is Yatirim's says acquisition, which gives the company over 30% market share in domestic market, to create synergy and reflect positively on Tofas

** Brokerage Global Menkul Degerler says investment plan is an important development for Tofas, which has seen its exports drop significantly

** The stock is the best performer on Istanbul's BIST-100 index .XU100, which is steady

($1 = 0.8675 euros)

 (Reporting by Miraç Eren Dereli)

 ((miraceren.dereli@thomsonreuters.com))