On 6 January 2023, the Turkish Competition Authority published its Mergers and Acquisitions Overview Report for 2022 ("Report") on its website. The Report includes a comprehensive overview of merger control in Turkey in 2022 ...

Competition Monthly

Kayra Üçer is a leader in our M&amp;A and Corporate Support practice groups. Mr. Üçer is known as a conscientious, detail-oriented attorney with an outstanding reputation in the business community for his significant contributions to the field of corporate governance, particularly through his longstanding involvement with the&nbsp;Corporate Governance Association of Turkey.Mr. Üçer most frequently represents foreign clients entering or exiting the Turkish market and local subsidiaries of foreign multinationals. His practice focuses primarily on share transfers occurring in regulated markets, capital markets, and wealth management. His innate understanding of the transactional process comes from a career spent representing clients in practically every major sector of the Turkish economy. In addition to his transactional work, Mr. Üçer provides advice in the fields of executive-level labor law and anti-corruption compliance concerns. His recent significant work has included advising on the market entry and market exit of one of the world’s top retail chains as well as share transfers concerning a number of Turkey`s most significant publicly-held entities. Practice Areas &amp; Work DepartmentCompetition &amp; AntitrustMergers &amp; AcquisitionsCorporate Support LanguagesEnglishFrench MembershipsInternational Law Institute (ILI) Istanbul Chapter, PresidentTransparency International – Turkey, Board MemberEthical Values Center Association,&nbsp;Etik Değerler Merkezi&nbsp;(EDMER), MemberCorporate Governance Association of Turkey,&nbsp;Türkiye Kurumsal Yönetim Derneği&nbsp;(TKYD), Board Member

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The Turkish Competition Board published a new decision within the scope of the preliminary investigation[1]  on the decision of Garanti BBVA, Citibank, and JP Morgan, which was included in our December and November bulletins.

Hergüner Competition Monthly - February 2023

In a preliminary investigation involving 12 undertakings operating in the car rental sector, the Turkish Competition Board scrutinised allegations that the car rental undertakings violated Article 4 of Law No. 4054 on the Protection of Competition by exchanging information pertaining to stocks, competitors’ price offers and market shares, and vehicle purchase data.

How Does Turkey’s Competition Board Interpret Anti-competitive Information Exchange? An Analysis of Its Recent Car Rental Decision

&lt;p style="text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Hatırlarsınız Elon Musk, 2022 yılında Twitter'ı satın almak için yaptığı teklifle, her zaman olduğu gibi, bir kez daha dünya çapında haber olmuştu. Aylar süren görüşmelerin ve yüzlerce haber ve eleştirinin ardından, Ekim 2022'nin sonlarında da 44 milyar ABD doları karşılığında Twitter’ı satın aldı. Aldıktan sonra da Musk’ın Twitter’ı yönetme tarzı bazılarınca hayranlıkla bazılarınca da eleştiriyle karşılanıyor. Elon Musk’ın “kendine has” yönetim tarzının rekabet hukukuna ilişkin de sonuçları oluyor.&lt;/span>&lt;/p>&lt;p style="text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Bu işlem elbette tüm dünyada pazarı çeşitli şekillerde etkiledi ve etkilemeye devam etmekte. Bu çerçevede, rekabet otoritelerinin bu işleme ilişkin değerlendirmelerinin de önem arz ettiği yadsınamayacaktır. Nitekim Rekabet Kurumu, 6 Mart 2023’teki kısa duyurusu ile Rekabet Kurulunun, Twitter'ın tek kontrolünün Elon Musk tarafından devralınması işlemine, etkin rekabeti önemli ölçüde engellemediği gerekçesiyle izin verdiği açıkladı. Ancak Kurul, söz konusu işlemin Kurul'un izni olmaksızın gerçekleştirilmesi nedeniyle Elon Musk’a idari para cezası da uyguladı. Buna göre Musk'ın 2022 yılında Türkiye'den elde ettiği gayri safi gelirinin binde biri oranında ceza ödemesi gerekiyor.&lt;/span>&lt;/p>&lt;p style="text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">&lt;strong>Musk Neden Para Cezasına Çarptırıldı?&lt;/strong>&lt;/span>&lt;/p>&lt;p style="text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Elon Musk'a neden ceza verildiğine kısaca değinmek gerekirse, birçok rekabet otoritesine benzer şekilde, Rekabet Kanunu da belirli işlemlerin tamamlanmadan önce Rekabet Kurulunun iznini almasını öngörüyor.&lt;/span>&lt;/p>&lt;p style="text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Kontrolde kalıcı değişikliğe yol açan ve (ii) 2010/4 sayılı Tebliğ'in 7. maddesinde belirtilen ciro eşiklerini aşan işlemler için Rekabet Kurulundan izin alınması gerekmektedir. Bu tür birleşme devralma işlemleri, rekabeti kısıtlayıcı bir sonuç doğurmasalar da ancak Kurul’un izni sonrasında sonlandırılabilmektedir.&lt;/span>&lt;/p>&lt;p style="text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Mayıs 2022'den beri yürürlükte olan yeni düzenlemeler kapsamında ciro eşikleri aşağıdaki gibi tanımlanmıştır:&lt;/span>&lt;/p>&lt;ul style="list-style-type: square;">&lt;li style="margin-left: 20px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">&lt;span style="font-size: 14px;">&lt;span style="font-size: 14px;">İşlem taraflarının Türkiye ciroları toplamının 750 milyon TL’yi ve işlem taraflarından en az ikisinin Türkiye cirolarının ayrı ayrı 250 milyon TL’yi aşması&nbsp;veya&lt;/span>&lt;/span>&lt;/span>&lt;/li>&lt;li style="margin-left: 20px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">&lt;span style="font-size: 14px;">&lt;strong style="">(i)&lt;/strong>&lt;span style="font-size: 14px;"> Devralma işlemlerinde devre konu varlık ya da faaliyetin Türkiye cirosunun 250 milyon TL’yi ve diğer işlem taraflarından en az birinin dünya cirosunun 3 milyar TL’yi aşması veya&nbsp;&lt;/span>&lt;/span>&lt;strong style="font-size: 14px;">(ii)&lt;/strong>&lt;span style="font-size: 14px;"> birleşme işlemlerinde işlem taraflarından en az birinin Türkiye cirosunun 250 milyon TL’yi ve diğer işlem taraflarından en az birinin dünya cirosunun 3 milyar TL’yi aşması.&lt;/span>&lt;/span>&lt;/li>&lt;/ul>&lt;p style="text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Ayrıca geçen yıl getirilen yeni düzenlemelere göre, 250 milyon TL'lik ciro eşikleri, Türkiye coğrafi pazarında faaliyet gösteren veya ar-ge faaliyeti olan ya da Türkiye’deki kullanıcılara hizmet sunan teknoloji teşebbüslerinin devralınmasında aranmıyor. Teknoloji teşebbüsleri ise “dijital platformlar, yazılım ve oyun yazılımı, finansal teknolojiler, biyoteknoloji, farmakoloji, tarım kimyasalları ve sağlık teknolojileri” alanlarında faaliyet gösteren teşebbüsleri ifade ediyor.&lt;/span>&lt;/p>&lt;p style="text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Twitter malum bir teknoloji teşebbüsü… Bunun yanında Twitter işlem sonrası Elon Musk’ın tek kontrolüne geçeceği için bu şart da sağlanıyor. Görülen o ki Elon Musk'ın dünya çapındaki cirosu da 3 milyar TL'nin üzerinde, dolayısıyla işlem için Rekabet Kurulundan izin alınması gerekiyordu.&lt;/span>&lt;/p>&lt;p style="text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Ancak Musk, işleme ilişkin Türkiye'de bir başvuruda bulunmadı. Rekabet Kanunu’nun 11. maddesi uyarınca Kurul’un, bildirilmesi zorunlu olup da bildirilmeyen bir birleşme/devralma işleminden herhangi bir şekilde haberdar olduğundan bu işlemi inceleme yetkisi mevcut. Tabii Twitter’ın Elon Musk tarafından devralındığını da dünya üzerinde duymayan kalmadı. Rekabet Kurulu da bir inceleme başlatıp bu işlemin pazardaki rekabet yapısını bozup bozmadığını inceledi. Günün sonunda Elon Musk’ın Twitter’ı devralmasının pazardaki etkin rekabeti önemli ölçüde etkilemediğine karar verse de, Musk’ın Kurum’a işlemi bildirme ve izin alana kadar bekleme yükümlülüğüne uymaması nedeniyle 2022 yılına ait Türkiye cirosunun %0,1'i oranında idari para cezası uyguladı.&lt;/span>&lt;/p>

Hatırlarsınız Elon Musk, 2022 yılında Twitter'ı satın almak için yaptığı teklifle, her zaman olduğu gibi, bir kez daha dünya çapında haber olmuştu. Aylar süren görüşmelerin ve yüzlerce haber ve eleştirinin ardından, Ekim 2022'nin sonlarında da 44 milyar ABD doları karşılığında Twitter’ı satın aldı.

Rekabet Kurulu Elon Musk’a Hukuki Yükümlülüklerini Hatırlattı

&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; color: rgb(17, 17, 17);">Elon Musk made news globally when he made an offer to buy the social networking platform Twitter in 2022. After months of back and forth and an overwhelming amount of news and critical analysis, Musk’s acquisition of Twitter was completed in late October 2022 for a reported USD 44 billion.&lt;/span>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; color: rgb(17, 17, 17);">This transaction, of course, affects the market in a variety of ways all over the world. One issue is how the various competition authorities will assess the transaction. The Turkish Competition Authority has given an indication, as it has just announced the Competition Board’s decision regarding the acquisition.&lt;/span>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; color: rgb(17, 17, 17);">In the brief announcement, the Authority noted that the Competition Board has authorised the transaction for the acquisition of sole control of Twitter by Elon Musk since it does not significantly impede effective competition. However, the Board has also imposed an administrative fine, as the transaction was carried out without the authorisation of the Board. Accordingly, Musk must pay a penalty assessed as 0.1% of his gross income in Turkey in 2022.&lt;/span>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px;">&lt;span style="box-sizing: border-box; color: rgb(227, 110, 29);">&lt;strong style="box-sizing: border-box; font-weight: bold; font-family: Arial, Helvetica, sans-serif; font-size: 14px; color: rgb(17, 17, 17);">Why Was Elon Musk Fined?&lt;/strong>&lt;/span>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; color: rgb(17, 17, 17);">To provide a brief overview of why Elon Musk was fined, we should note that, similar to legislation in in various jurisdictions that requires notification to the relevant authority of qualifying transactions, the Competition Law foresees that certain transactions must obtain the approval of the Turkish Competition Board before being completed.&lt;/span>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; color: rgb(17, 17, 17);">Any transaction that (i) results in a permanent change of control over the target or the transaction parties and (ii) exceeds the turnover thresholds set out under Article 7 of Communiqué No. 2010/4 requires the Board’s approval.&lt;/span>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; color: rgb(17, 17, 17);">Under the new rules (which have been in effect since May 2022), the turnover thresholds are defined as follows:&lt;/span>&lt;/p>&lt;ul style="list-style-type: square;">&lt;li style="margin-left: 20px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; color: rgb(17, 17, 17); font-size: 14px;">The aggregate Turkish turnover of the transaction parties exceeding TL 750 million (approx. EUR 43.1 million or USD 45.2 million) and the Turkish turnover of at least two of the transaction parties each exceeding TL 250 million (approx. EUR 14.4 million or USD 15.1 million), or&lt;/span>&lt;/li>&lt;li style="margin-left: 20px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; color: rgb(17, 17, 17); font-size: 14px;">(i) The Turkish turnover of the transferred assets or businesses in acquisitions exceeding TL 250 million (approx. EUR 14.4 million or USD 15.1 million) and the worldwide turnover of at least one of the other parties to the transaction exceeds TL 3 billion (approx. EUR 172.5 million or USD 180.9 million), or&nbsp;&lt;/span>&lt;span style="font-family: Arial, Helvetica, sans-serif; color: rgb(17, 17, 17); font-size: 14px;">(ii) the Turkish turnover of any of the parties in mergers exceeding TL 250 million (approx. EUR 14.4 million or USD 15.1 million) and the worldwide turnover of at least one of the other parties to the transaction exceeds TL 3 billion (approx. EUR 172.5 million or USD 180.9 million).[1]&lt;/span>&lt;/li>&lt;/ul>&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px; line-height: 1;">&lt;br>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; color: rgb(17, 17, 17);">It should also be underlined that the new rules introduced last year foresee that the local turnover thresholds of TL 250 million are not applicable for the acquisitions of technology undertakings. The Authority defines technology undertakings as undertakings that (i) are active in the Turkish geographical market, (ii) conduct R&amp;D activities in the Turkish geographical market or (iii) provide services to users in Turkey in the areas of “digital platforms, software and gaming software, financial technologies, biotechnology, pharmacology, agrochemicals and health technologies”.&lt;/span>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; color: rgb(17, 17, 17);">As the transaction permanently changed the control structure of Twitter (which is a technology undertaking, of course) and as Elon Musk’s worldwide turnover is over TL 3 billion, the transaction required the Competition Board’s approval. As no such merger control filing was made in Turkey, this resulted in a case of gun-jumping (a violation of the suspension requirement).&lt;/span>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; padding: 0px; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 14px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; color: rgb(17, 17, 17);">Pursuant to Article 11 of Turkish Competition Law, if it is compulsory for an M&amp;A transaction to be notified to the Competition Board and no such merger control filing is made, the Board has the authority to review the transaction when it becomes aware of it. Of course, there is almost no one who has not heard that Twitter was taken over by Elon Musk, so the Competition Board, on its own initiative, examined whether this transaction disrupted the competitive structure in the market. Although they decided at the end that Elon Musk's takeover of Twitter did not significantly impede effective competition in the market, they imposed an administrative fine of 0.1% of his Turkish turnover for 2022 due to Musk's failure to comply with the obligation to notify the Authority of the transaction and wait until approval.&lt;/span>&lt;/p>&lt;div style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: Arial; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12px;">&lt;span style="font-size: 14px; font-family: Arial, Helvetica, sans-serif; color: rgb(17, 17, 17);">_______________________________________________&lt;br style="box-sizing: border-box;">&lt;/span>&lt;div style="box-sizing: border-box;">&lt;p style="box-sizing: border-box; margin: 0px 0px 15px; line-height: 22px; padding: 0px; font-size: 14px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; color: rgb(17, 17, 17); font-size: 14px;">&lt;span style="box-sizing: border-box;">&lt;span style="box-sizing: border-box; color: rgb(9, 8, 8);">&lt;strong>[1]&lt;/strong>&lt;/span>&lt;/span>&lt;span style="font-size: 14px;">&nbsp;The amounts in EUR for the financial year 2022 (i.e., 1 January 2022 – 31 December 2022) are converted at the exchange rate EUR 1 = TL 17.39 in accordance with the applicable Turkish Central Bank average buying exchange rate for the relevant time period (i.e., 1 January 2022 – 31 December 2022). Similarly, the amounts in USD for the financial year 2022 (i.e., 1 January 2022 – 31 December 2022) are converted at the exchange rate USD 1 = TL 16.58 in accordance with the applicable Turkish Central Bank average buying exchange rate for the relevant time period (i.e., 1 January 2022 – 31 December 2022).&lt;/span>&lt;/span>&lt;/p>&lt;/div>&lt;/div>

Elon Musk made news globally when he made an offer to buy the social networking platform Twitter in 2022. After months of back and forth and an overwhelming amount of news and critical analysis, Musk’s acquisition of Twitter was completed in late October 2022 for a reported USD 44 billion.

Elon Musk Reminded of Competition Rules by the Turkish Competition Board

During January and February, the Turkish Competition Board published eighty-one reasoned decisions and approved seventeen merger and acquisition transactions in total.

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