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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)