Coalescence and breakup of large deformable droplets dispersed in a wall-bounded turbulent flow are investigated. Droplets much larger than the Kolmogorov length scale and characterized by a broad range of surface tension values are considered. The turbulent field is a channel flow computed with pseudo-spectral direct numerical simulations, while phase interactions are described with a phase field model. Within this physically consistent framework, the motion of the interfaces, the capillary effects, and the complex topological changes experienced by the droplets are simulated in detail. An oil-water emulsion is mimicked: the fluids are considered of same density and viscosity for a range of plausible values of surface tension, resulting in a simplified system that sets a benchmark for further analysis. In the present conditions, the Weber number (W e), that is, the ratio between inertia and surface tension, is a primary factor for determining the droplets coalescence rate and the occurrence of breakups. Depending on the value of W e, two different regimes are observed: when W e is smaller than a threshold value (W e < 1 in our simulations), coalescence dominates until droplet-droplet interactions are prevented by geometric separation; when W e is larger than the threshold value (W e > 1), a permanent dynamic equilibrium between coalescence and breakup events is established.