Communiqué No. 2010/4 on Mergers and Acquisitions Requiring the Approval of the Competition Board (“Communiqué No. 2010/4”) introduces a notification form which is, to a certain extent, similar to the Form CO of the European Commission.
A hard copy and an electronic copy of the notification form shall be submitted to the Turkish Competition Board (“Board”). Some important notes on the content are listed below:
- All information requested in the notification form must be duly completed and filled in. Notwithstanding, the information requested in Sections 6, 7 and 8 of the notification form is not required in cases where;
a) One of the transaction parties acquires full control over an undertaking in which it had joint control, or,
b) For any affected market within Turkey and in terms of geographical markets; the aggregate market shares of the transaction parties are less than 20% for horizontal relationships, and the market share of one of the transaction parties is less than 25% for vertical relationships, in relation to the affected markets in question.
- If the Board decides that the notification form is incomplete and therefore should further be supplemented, it informs the notifying party(ies) and its representatives in writing. In this case, the notification is considered to be made when the completed copy is received by the Turkish Competition Authority.
- The notification can be made by any of the parties or the representatives thereof. The notifying party must inform the other relevant party of the situation. Notifications made by unauthorized persons are deemed invalid.
- A copy of the final or current version of the agreement concerning the notified merger or acquisition should be enclosed with the notification form. If the agreement in question is not in Turkish language, a Turkish translation must also be submitted. The Board shall decide based on the Turkish translation. Each page of any translation not done by a certified translator shall be approved by an undertaking official or representative. The notification can be submitted under a letter of intent or memorandum of understanding as well.
- The notification must include all requested information and documents in complete and accurate form. In case the parties do not have a part of the requested information and documents, the parties must state the reason therefore, supply the soundest estimated data concerning the information in question, and disclose the sources for the estimated data. The parties must also clarify the sources that the information or documents in question may be gathered from.
- For those who provide false or misleading statements in the notification form will be fined under Article 16 of Law No. 4054 on Protection of Competition (“Competition Law”).