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Germany's Douglas Holding considers buying out Benas Gudelis from Douglas Baltic

Benas Gudelis
Karolio Kavolėlio/BFL nuotr. / Benas Gudelis
Šaltinis: BNS
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Germany's Douglas Holding, the owner of a 51-percent stake in Douglas Baltic, considers buying the remaining 49 percent of shares in the company, which operates in Lithuania and Latvia, from Lithuanian businessman Benas Gudelis.

Vilune Spaice, the CEO of Douglas LT, confirmed this to BNS.

"The German company Douglas Holding is considering purchasing the stake during a new sale," she told BNS.

That possibility arose after the Lithuanian Competition Council did not give the green light for Fragrances International, a wholesale trade company owned by Gudelis, to complete the acquisition of the 49-percent stake in Douglas Baltic. The Latvian regulator is also considering refusing to clear the deal.

"The Lithuanian Competition Council's [...] decision not to allow Fragrances International to implement the concentration through the acquisition of shares in Douglas Baltic clearly shows that such a transaction would have a negative impact on the Lithuanian cosmetics and perfumery market. Reduced competition would be detrimental to the end-user," Spaice told BNS.

"We had stated this position earlier, at the start of the probe. We are now waiting for Fragrances International to make further decisions on the sale of the shares," she said.

Gudelis told BNS on Tuesday that Fragrances International had withdrawn its application for regulatory approval of its acquisition of 49 percent of shares in Douglas Baltic.

The Lithuanian Competition Council said on Wednesday that the acquisition would severely weaken competition in the market.

Fragrances International submitted the same application to the competition authority in Latvia, where the main company is based, in early July. However, BNS has information that the Latvian regulator intends to block the deal as well.

BNS
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