Turkish carmaker Tofas slips on competition board's Stellantis decision

Tofas Turk Otomobil Fabrikasi

25/10/2024 10:06

** Turkish carmaker Tofas  TOASO.IS  falls ~5%
    ** Co says commitment to buy Stellantis Otomotiv's shares
and distribution rights, for brands including Peugeot, Citroen,
Opel and DS, in Turkey deemed insufficient by Competition Board
    ** Adds decision not final and that the process is ongoing
    ** Brokerage Deniz Yatirim's short-term outlook is negative
    ** Serhat Baskurt from ALB Yatirim says, "The Stellantis
issue has become an ongoing saga. The competition authority
found Stellantis' takeover commitments insufficient, though
Tofas noted the decision isn't final. Short-term outlook is
negative; long-term: story continues"
    ** Vols
    ** TOASO worst performer on Turkey's BIST 100 index
 .XU100 , which is down 0.2%

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))