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

Submitted Date11 March 2003
Date28 March 2003
Decision NumberM/03/007
StatusCleared (Phase 1)
CourtCompetition and Consumer Protection Commission (Ireland)
Decision Date28 March 2003
Determination of the Competition Authority
Determination No. M/03/007 of the Competition Authority, dated 28 March
Notification No. M/03/007 –Acquisition by Soros Private Equity Investors LP of
PolymerLatex GmbH & Co. KG and PolymerLatex Verwaltungs-GmbH
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
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.
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
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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