“We have withdrawn the application, we have decided to withdraw it,” Gudelis told BNS adding that the decision was taken a week ago.
Fragrances International had already acquired 49 percent of Douglas Baltic’s shares at the auction, he said adding that the application had been submitted for concentration. He did not rule out a possibility that the holding might later be sold or given away.
Application from Fragrances International for concentration through the purchase of 49 percent of Douglas Baltic’s shares was filed with the Competition Council at the end of July. In line with competition legislation, the panel shall examine the application within four months, in this case, by the end of November.
The panel’s spokeswoman, Medeina Cijauskaitė, also confirmed to BNS that the application had been withdrawn.
The news portal eversus.lt earlier reported that Latvia’s Kolonna Group had sold the 49 percent stake in Douglas Baltic because its founder and shareholder, Ieva Plaude-Relingere, had gone bankrupt.
Germany ’s Douglas owns 51 percent of Douglas Baltic’s shares.
Latvian news portals earlier reported that the Lithuanians had purchased the 49 percent stake in Douglas Baltic for 1.6 million euros.
Douglas Baltic holds the leading position in the selective cosmetics markets in Lithuania and Latvia through its local subsidiaries, Douglas LT and Douglas LV. It owns 58 stores.
