Türkiye's competition watchdog has announced it was ending an investigation into Italian company Ferrero over charges that it was monopolizing the country's hazelnut market.

In a statement, the Competition Authority (RK) said the Nutella maker made commitments to resolve complaints from local hazelnut farmers that it was abusing its dominant position to underpay them.

The authority had opened the probe against the company, world-famous for its Nutella spread and Ferrero Rocher, after farmers said Ferrero was paying meagre sums for their hazelnuts and then selling its products at significantly higher prices.

"The investigation against (Ferrero's Turkish subsidiary) has been concluded with commitments that have resolved the competition problems that were raised," the competition authority said in a statement on Thursday.

Ferrero said Friday it "welcomes the closure of the investigation and confirms its commitment to operate in Türkiye by buying in-shell hazelnuts not below the intervention reference price."

The Competition Authority had opened the investigation into the Italian giant, which also makes Ferrero Rocher chocolates, in 2022.

Ferrero in 2022 employed more than 1,000 people in Türkiye, the world's largest hazelnut producer, where the company has been sourcing hazelnuts for more than three decades.

In 2023, Türkiye exported more than 280,000 tons of hazelnuts, worth $1.86 billion, according to the trade association.