EU clears acquisition of joint control over SET by STEAG and OYAK

The proposed acquisition of joint control over STEAG Enerji Ticareti ve Hizmetleri (SET) of Turkey by STEAG of Germany and Ordu Yardimlasma Kurumu (OYAK) of Turkey complies with EU merger regulation, the European Commission said on 28 January.
SET is currently controlled by STEAG and is mainly active in the field of energy trading and energy related services in Turkey, selling electricity to industrial customers and providing consulting services.
STEAG is an international energy company mainly active in the field of generation and marketing of electricity and heat and relating services. OYAK is a private pension fund with subsidiaries active in a wide range of sectors, mainly mining, metallurgy, cement, concrete, paper, chemicals, financial services, automotive, logistics, construction, energy, and services.
The Commission concluded that the proposed acquisition would raise no competition concerns, because of its limited impact on the European Economic Area market.