The Competition Board (the Board), with the decision dated 30.06.2026 and numbered 26-23/685-275, conditionally authorized the acquisition by Cargill Tarım ve Gıda Sanayi Ticaret AŞ (CARGILL TÜRKİYE) of PNS Pendik Nişasta Sanayi AŞ's sole control from Alpinvest Yatırım Gıda Sanayi ve Ticaret AŞ within the framework of the behavioral commitments offered by the parties. 

The decision includes the findings that the transaction is an acquisition subject to authorization according to article 7 of the Act No. 4054 on the Protection of Competition (the Act No. 4054) and the Mergers and Acquisitions Communiqué No. 2010/4 and as a result of the transaction, effective competition in the downstream market for “glucose syrup and its mixtures” might be significantly restricted.

However, concluding that the commitments submitted by CARGILL TÜRKİYE are sufficient, appropriate and proportional to eliminate the identified competitive concerns, the Board has conditionally authorized the transaction.

The commitments accepted under the scope of the transaction focus on three basic competition concerns. The competition concerns set out under the scope of the file and the commitments accepted regarding those competition concerns are given below.

• Pricing behavior: Price increases for products subject to quotas at domestic points of sale shall be restricted to specific cost elements, the price and cost data shall be capable of being monitored by the Authority through independent sworn-in certified public accountant reports for a period of five years, price adjustments under extraordinary economic circumstances shall be notified and the Board may withdraw such price adjustments.

• Risk of supply restriction: In order to protect supply continuity for customers, existing contracts shall only be terminated on the basis of objective grounds, objective commercial criteria shall be taken as a basis in spot sales, in case of supply disruption under extraordinary economic conditions, the Board shall be notified and the Board may withdraw the decision in question.

• Risk of cross subsidization: The commitment that the revenue generated from glucose syrup and its mixtures, which are products subject to quotas at domestic points of sale, shall not be used in a way to finance other product groups.

Moreover, while the Board clearly demonstrates that the commitments, which constitute the basis of the authorization decision, are binding, it emphasizes in the decision that in case of a violation of those obligations, administrative fines accruing on a daily basis shall be imposed according to article 17 of the Act no 4054.