(Bloomberg) -- Turkey’s Competition Authority will meet Wednesday to reassess its earlier decision to block Stellantis NV’s sale of its local distribution business to Tofas Turk Otomobil Fabrikasi AS, according to people familiar with the matter.
The agency initially rejected the €400 million ($420 million) deal last year, citing insufficient commitments by the two companies to address regulatory concerns. The ruling denied Tofas exclusive rights to import and distribute Stellantis brands, including Peugeot, Citroën, Opel, and DS Automobiles, across Turkey.
Shares of Tofas rose as much as 3.4% before trading 2.4% higher at 211 liras as of 3:28 p.m. In Istanbul.
The regulator was preparing to reassess its decision after talks between government officials and executives from Tofas, Bloomberg reported last month.
More: Stellantis Deal to Sell Turkish Unit in New Antitrust Test
The Turkish Competition Board declined to comment.
Stellantis and Tofas’s agreement is part of a broader strategy to streamline their operations in Turkey, a key market for both companies. Tofas, which produces sedans and light commercial vehicles at its Bursa plant, is jointly owned by Stellantis and Koc Holding AS, Turkey’s largest conglomerate.
(Updates with share move in third paragraph.)
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