Decision Nº M/04/057 from Competition and Consumer Protection Commission, 2004-10-21

CourtCompetition and Consumer Protection Commission (Ire)
Date21 October 2004
Decision NumberM/04/057
Submitted Date30 September 2004
PartiesGilde Participaties B.V.,Hevea B.V.
StatusPreliminary investigation (Phase 1)
Decision Date21 October 2004
Determination of the Competition Authority
Determination No. M/04/057 of the Competition Authority, dated 21
Notification No. M/04/057 – The proposed acquisition by Gilde
Participaties B.V. of Hevea B.V.
1. On 30 September 2004 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 Gilde Participaties B.V. (“Gilde”) would acquire
sole control of Hevea B.V. (“Hevea”), by way of supporting a leveraged
management buy-out of Hevea. The notified transaction is hereinafter
described as the “proposed acquisition”.
2. The proposed acquisition is international and has been notified to the relevant
authorities in Germany.
The Parties
3. Gilde, the acquirer, is a Dutch investment management company and part of
Cooperative Centrale Raiffeisen-Boerenleenbank B.A., which is another Dutch
company more commonly known as the Rabobank Group.
4. Hevea, the target, is a Dutch company and the largest manufacturer of
waterproof footwear in Europe. It owns the Viking and Dunlop brands.
Hevea’s only physical presence in the State is Wearwell Footwear Ltd, a sales
office in Cork with a full-time staff of three. Hevea has no manufacturing
facilities in the island of Ireland and all Hevea products sold in the State are
manufactured in the Netherlands and Portugal.
5. The Rabobank Group has various business interests in the State, including
ownership of ACC Bank, but neither it nor any of its subsidiaries are active in
any industry similar to that in which Hevea is active, either horiz ontally or by
any form of vertical integration. The absence of overlap in the parties’
activities indicates that the proposed acquisition would not substantially
lessen competition in any market for goods or services in the State.
The Competition Authority, in accordance with Section 21(2) of the Competition
Act, 2002, has determined that, in its opinion, the result of the proposed
acquisition by Gilde Participaties B.V. of Hevea B.V. will not be to substantially
lessen competition in markets for goods and services in the State and,
accordingly, that the acquisition may be put into effect.
For the Competition Authority
Edward Henneberry
Member of the Competition Authority

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