Decision Nº M/03/007 from Competition and Consumer Protection Commission, 2003-03-28

• Court: Competition and Consumer Protection Commission (Ire)
• Date: 28 March 2003
• Decision Number: M/03/007
• Submitted Date: 11 March 2003
• Parties: Soros,Polymerlatex
• Status: Cleared (Phase 1)
• Decision Date: 28 March 2003

Determination of the Competition Authority

Determination No. M/03/007 of the Competition Authority, dated 28 March

2003, under Section 21 of the Competition Act, 2002

Notification No. M/03/007 –Acquisition by Soros Private Equity Investors LP of

PolymerLatex GmbH & Co. KG and PolymerLatex Verwaltungs-GmbH

Introduction

1. On 11 March 2003 the Competition Authority, in accordance with Section 18 (1)

of the Competition Act, 2002 (“the Act”) was notified, on a mandatory basis, of a

proposal whereby Soros Private Equity Investors LP (“SPEI”) would, through

intermediaries, acquire all the limited partnership interests in PolymerLatex

GmbH & Co KG and the entire issued share capital of PolymerLatex

Verwaltungs-GmbH (“the PolymerLatex Group”) from Bayer AG and Degussa

AG.

The Parties

2. SPEI is a member of the Soros Group. It is an investment fund, primarily

involved in private equity investments in Western Europe and the United States.

Within Ireland, SPEI and its affiliates control* eircom plc and Meteor Mobile

Communications Ltd.

3. The PolymerLatex Group is 50% owned by Bayer AG and 50% owned by

Degussa AG. The group produces, markets and sells a broad range of lattices

(latex), predominantly carpet/moulded foam, paper and specialty lattices.

Analysis

4. As the Soros Group is not active in the production, marketing or sales of latex

pre-merger, the proposed transaction would not have a substantial impact on

competition.

5. The PolymerLatex Group currently purchases some raw materials and obtains

services from its parent companies. These existing supply arrangements will be

kept intact post-merger. The proposed transaction will not have a substantial

impact on competition in relation to upstream or downstream businesses.

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