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Turkey's competition body oks takeover of hazelnut co Oltan by Ferrero Intl

Author Yurkie Ali
Turkey's competition body oks takeover of hazelnut co Oltan by Ferrero Intl

ISTANBUL (Turkey), January 13 (SeeNews) – The Turkish Competition Authority has approved the takeover of Turkish hazelnut procurement, processing and marketing group Oltan Group by Luxembourg-based Ferrero International SA, the parent company of Italian sweet products maker Ferrero Group, the regulator said.

The authority made the announcement in a statement on its website on Monday.

The transaction was cleared by the European Commission (EC) in September 2014.

Ferrero is a rival of Oltan, through its local company 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, according to the EC.

Based in northern Turkey, Oltan Group is active in the main hazelnut-growing regions of Turkey with five production facilities. The company exports hazelnuts to the European Union and other major markets around the world and generates annual revenue of more than $500 million (424 million euro), Ferrero said upon announcing the agreement in July 2014.

($ = 0.848 euro)

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