Fertilizer Producers Come Out Smelling Like Roses: Competition Board's Fertilizer Decision Goes Knee Deep Into Market-Specific Dynamics

At the end of 2020, the Turkish Competition Board (“Board”) finalized its assessment on the investigation regarding the price increases in the fertilizer industry, conducted against six undertakings active in the fertilizer manufacturing market in Turkey to determine whether the relevant undertakings had violated Article 4 of the Law No. 4054 on Protection of Competition ("Law No. 4054") (“Investigation”).¹ The investigated parties, Bandırma Gübre Fabrikaları A.Ş. ("BAGFAŞ"), EGE Sanayi A.Ş ("EGE"), Gemlik Gübre ("GEMLIK"), Gübre Fabrikaları T.A.Ş. ("GUBRETAS"), İstanbul Gübre Sanayi A.Ş ("IGSAS") and Toros Tarım Sanayi ve Ticaret A.Ş. ("TOROS") represented 80% of the industry. Published recently in April 2021, the decision contains some outstanding analyses on the sector dynamics and the relevant market.