Tofas gains after antitrust authority clears deal to acquire Stellantis' Turkey ops

About this update from Tofas Turk Otomobil Fabrikasi A.s.

** Turkish auto manufacturer Tofas jumps over 6% after Competition Board approves acquisition of Stellantis Otomotiv, with new commitments for an investment plan** Deal would see Tofas take over Stellantis' MIL:STLAM Turkey operations and distribution rights for its brands** As part of its commitment package, it will invest up to 256 million euros ($295.1 million) in new light vehicle project ** Brokerage Is Yatirim's says acquisition, which gives the company over 30% market share in domestic market, to create synergy and reflect positively on Tofas** Brokerage Global Menkul Degerler says investment plan is an important development for Tofas, which has seen its exports drop significantly** The stock is the best performer on Istanbul's BIST-100 index BIST:XU100, which is steady($1 = 0.8675 euros)

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