commiss decis june declar concentr compat common market function eea agreement iv procter amp gambl vp schickedanz ii english text authent text eea relev ec commiss european commun regard treati establish european commun regard council regul eec decemb control concentr undertak articl thereof regard eea agreement articl thereof regard commiss decis februari initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr januari procter amp gambl gmbh notifi commiss propos concentr intend acquir vereinigt papierwerk schickedanz ag notif withdraw januari initi notif decemb notif relat modifi transact includ offer divest part vp catameni busi recit examin notif commiss conclud notifi concentr fall scope regul eec februari commiss decid initi proceed applic articl merger regul parti procter amp gambl gmbh amp wholli own subsidiari procter amp gambl compani activ consum laundri clean health beauti product paper product includ sanitari protect product tampon food beverag vereinigt papierwerk schickedanz ag vp wholli own subsidiari gustav und grete schickedanz hold kg gg partnership organ law germani vp produc household paper sanitari protect product ii oper procter amp gambl gmbh acquir entir share capit vp gg subsidiari activ relat busi term share transfer agreement amp gg side agreement gg vp amp vp separ babi nappi busi activ hold separ compani prior complet transact agreement provid amp acquir vp share immedi close transfer share separ compani hold vp babi hygien busi parti truste design procter amp gambl decemb parti assign mandat find final buyer initi period month close extend month condit commit acquir control vp babi diaper busi form integr part notif reason object commiss acquisit decis address market futhermor regard concern effect notifi concentr feminin hygien product amp includ notif commit offer unilater commiss supplement addit agreement parti acquir control camelia busi tangibl intang asset relat vp brand bluemia femina tampona vp privat label busi vp catameni activ subsequ light object rais commiss amp substanti alter brand divest term divest part vi decis substitut camelia brand feminin hygien product camelia product vp iii concentr amp gain sole control vp subject except babi diaper busi oper concentr mean articl iv commun dimens notifi oper commun dimens total worldwid turnov undertak concern amp ecu billion vp ecu million exce ecu billion threshold aggreg commun wide turnov undertak concern amp ecu million vp ecu million ecu million parti achiev third ec turnov member state compat common market concentr concern product manufactur vp household hygien paper product feminin product catameni adult incontin product cotton product person bodi care product cosmet proceed initi respect sanitari towel household hygien paper product amp activ europ product compris inter alia toilet paper paper handkerchief facial tissu kitchen towel sale product account total sale vp amp state strateg aim propos merger enter european tissu market thought larg nappi catameni market ecu billion amp market leader sector canada hope bring bear superior technolog product expertis europ transact market share vp modest eu germani volum figur individu product eu wide market share lie kitchen towel handkerchief germani vp handkerchief share toilet paper scott ja mont lead supplier privat label plai import role market expect grow come year absenc overlap amp vp sector light vp limit market share oper give rise competit concern product adult incontin product product market adult incontin protect product includ fit brief shield pad insert pad undergar product degre loss bladder bowel control adult incontin product similar babi diaper extern sanitari napkin supplier custom regard substitut perform complet separ function absorb incontin product rang ml urin light incontin ml heavi case feminin protect product design absorb ml fluid absorb babi diaper design absorb ml urin adult incontin product differ diaper fempro product size product design raw materi extent technolog technolog relat super absorb respect incontin product babi diaper sanitari napkin order meet absorb requir case true machin napkin babi diaper theoret adapt order produc incontin pad brief supplier confirm commerci feasibl amp agre notwithstand level suppli side substitut adult incontin product separ market relev geograph market investig commiss produc contradictori result vp manufactur incontin product germani sell benelux franc itali spain germani austria switzerland certina brand amp produc sell product attend western europ lindor linidor itali spain portug similarli big supplier europ moelnlyck tena hartmann molicar market product eea countri compet appar rang product european wide brand trend strengthen propos eu legisl harmon standard medic devic includ adult incontin product suggest western european market indic contrari suggest nation market found form specif suppli distribut channel distinguish product hygien product adult diaper basic consid health care item product distribut hospit pharmaci institut supplier supplier moelnlyck distribut retail drug store unit kingdom approxim purchas made nation health servic region bui group germani pharmaceut distributor tend purchas german supplier definit relev geograph market adult incontin product left open case nation market germani conclus competit analysi lead doubt compat concentr common market notif entiti achiev market share western europ commun paragraph volum figur figur unavail moelnlyck largest supplier hartmann western european sale germani amp account volum market share vp share volum amount combin market share term germani moelnlyck german market volum hartmann volum market structur fact moelnlyck amp market leader european level commiss consid concentr give rise creation domin posit germani respect adult incontin cotton product cosmet amp sell cotton product cotton pad cotton ball call basic cotton europ increas vp market share vp lead cotton pad brand demak market share member state sold vp estim ec market share cotton product commiss consid absenc indic contrari mere fact market share acquir amp suffici give rise competit concern person bodi care product includ larg number product line bodi skin hair care product oral hygien scent vp produc limit rang sell germani estim market share amp market share fall eu singl member state cosmet repres busi unit minor import numer product launch western europ year volatil consum habit market intens competit concentr rais doubt compat common market sector babi nappi paragraph amp carri divest vp nappi busi simultan close acquisit amp parti calcul eu volum base market share base share exclud nappi busi finaf divest amp finaf case vp share increment larg commiss made clear amp finaf case amp increas market share sector market share financi resourc advanc technolog strong posit amp relat retail commiss consid absenc commit contain amp notif acquir control nappi busi oper creat domin posit amp assumpt western european market babi nappi accept propos divest meet concern area feminin hygien product relev product market feminin protect fempro product compris pant liner tampon sanitari towel pad vp manufactur amp make towel pantlin tampon pantlin towel extern form protect reli adhes pad underwear whilst tampon worn intern collect product catameni amp claim notif feminin hygien product constitut singl market argu respect tampon towel product share women switch readili respons product manufactur towel compet vigor tampon produc commiss consid pantlin tampon sanitari towel constitut separ product market pantlin worn protect inter menstrual vagin secret menstrual period menstrual insur immedi actual period call lighter dai dai period menstrual flow lighter conjunct tampon time menstruat suitabl primari method menstrual protect usag pattern confirm absorb capac pantlin quarter towel market pantlin gear address feminin fresh protect term suppli side note limit suppli side substitut product pantlin towel similar technolog materi practic substitut extrem limit supplier procter amp gambl state substanti retool requir alter product produc dedic machin major produc make retool uneconom limit suppli side substitut difficult increas capac convert market share compani produc towel technolog barrier entri towel market decis reason commiss pantlin substitut tampon towel primari method menstrual protect towel design menstruat margin light incontin consist absorb pad envelop consist imperm back sheet permeabl cover sheet basic design larg number variat manufactur develop order differenti product stai dry versu fabric surfac wing hold pad place protect underwear shape butterfli shape straight side flat curv fit bodi packag fold individu wrap pack flat unwrap central protect strip wick moistur centr towel improv effici thick import innov recent year launch ultra thin high absorb towel amp product ultra johnson amp johnson silhouett tampon sole menstruat compos card fleec stapl fibr compress tampon tampon intern devic put posit manual digit tampon aid plastic cardboard applic applic tampon tampon towel sold rang absorb capac cope variat rate flow women dai period germani approxim women tampon towel product decis group refer solu tampon user solu towel user dual user exact proport group depend sourc link studi suppli amp show group ratio figur deriv gesellschaft fuer konsummarkt und absatzforschung gfk suppli amp show studi member state show proport dual user purchas tampon towel combin separ woman bui product time indiffer method dual base differ tampon towel make product substitut individu consum ey intern extern method meet basic form menstrual protect broadest sens women distinct purpos develop usag pattern strong person prefer commiss investig shown true solu user dual user survei dual user prepar moelnlyck germani show specif usag pattern situat sampl studi small suffici establish exist prefer whilst true larger sampl need quantifi attitud reliabl quot quot id quot quot gt sport gt id quot quot gt gt id quot quot gt quot gt id quot quot gt swim gt id quot quot gt gt id quot quot gt quot gt id quot quot gt social gt id quot quot gt gt id quot quot gt quot gt id quot quot gt offic gt id quot quot gt gt id quot quot gt quot gt id quot quot gt home gt id quot quot gt gt id quot quot gt quot quot sourc studi dual user germani prepar infratest burk march gt women survei coincid choic method situat note high proport women habitu prefer method situat method prefer women point intens person natur product vital role plai individu prefer ignor object constraint choic method tampon swim towel discreet tampon women unabl tampon immedi childbirth constraint limit impact greater influenc consum prefer import consum prefer recogn earlier case eec nestlé perrier commiss conclud separ market soft drink bottl water quench thirst recogn substitut consum differ countri ratio solu dual function rel popular towel tampon women countri penetr ratio ratio usag tampon towel quot quot id quot quot gt uk gt id quot quot gt quot gt id quot quot gt germani gt id quot quot gt quot gt id quot quot gt franc gt id quot quot gt quot gt id quot quot gt netherland gt id quot quot gt quot gt id quot quot gt belgium gt id quot quot gt quot gt id quot quot gt denmark gt id quot quot gt quot gt id quot quot gt spain gt id quot quot gt quot gt id quot quot gt portug gt id quot quot gt quot gt id quot quot gt itali gt id quot quot gt quot gt id quot quot gt greec gt id quot quot gt quot quot sourc nielsen volum figur septemb august compil competitor gt choic protect method subject person gener tendenc young woman initi choic menstrual protect method brand product strongli influenc mother elder sister close friend health educ programm frequent initi choic appear towel young women switch tampon leav home tampon user revert towel perman temporarili childbirth middl ag medic physiolog reason oblig woman chang method protect heavi post natal period choic contracept method lifestyl attitudin reflect choic method select method menstrual protect price issu comfort secur discret central towel tradition disadvantag thick indiscret ultra thin product overcom problem larg extent tampon advantag discret worn tight fit cloth women tampon comfort sport perform consider plai role towel women natur menstrual blood flow leav bodi perceiv issu moral tampon women health concern plai role teenag tampon time afraid damag insert foreign bodi intern health fear aris toxic shock syndrom tss link tampon tss identifi unit state america whilst usa unit kingdom women awar issu tss europ awar tss lower true tampon towel broadli perform function regard substitut consum establish prefer pattern usag consum person prefer method combin method case dual user dictat physiolog physic consider discuss technic characterist product woman choic protect method combin method proof substitut towel tampon women fact prefer method chang result person circumst women indiffer method contrari differ characterist intern extern method women chang meet circumst label label towel account approxim volum towel sale germani figur spain size differ volum market share rais question brand label towel market label store brand towel lower qualiti lower price altern brand product sold discount brand towel brand towel produc vp retail price higher label towel produc distribut chain retail state whilst price consciou segment consum bought label towel consider price increas persuad purchas brand towel trade label recogn label product germani term qualiti reput arguabl develop unit kingdom commiss consid sizeabl discount label product sold limit competit brand unbrand towel product purchas involv consum trade qualiti price sanitari towel eara women prepar compromis qualiti sake low price face brand towel price increas women reassess trade decid price simpli high bui cheaper towel accept lower perform price amp argu tampon towel price compet head argu amp compar averag price tampon tampon market leader germani camelia pad market leader pad germani show whilst correct note camelia actual retail price rang dm dm unit exclud vat realist price ob price commiss consid price amp brand market leader begin averag unit price approxim ob commiss consid mix situat draw provision conclus rel price level tampon towel parti view amp main competitor europ johnson amp johnson kimberli clark moelnlyck argu separ market towel tampon smaller competitor rauscher hedwigsth point view tampon manufactur tambrand state product market tampon towel subsequ argu fact separ product market towel commiss give consider avail tampon altern form menstrual protect commiss contact larg number retail germani uk franc spain austria retail consid tampon towel market retail express view effect towel promot promot effect tampon sale effect minim felt promot increas sale catameni stabil usag pattern part evid women switch readili tampon towel amp commiss survei gfk ask women inter alia prepar switch tampon sanitari pad occasion pad tampon price method increas result survei show women occasion purchas form protect frequent basi improv product basi price rise form evalu conclus legitim draw survei commiss consid consider differ willing product occasion basi last chang consum habit interpret data survei correct overstat respond part reput model develop market research compani compani market describ adjust natur desir interviewe fact easier interest gener issu time interview last reflect actual purchas behaviour futur model assum adjust score consum studi commiss earli member state competit author part inform investig nation tampon market produc result question woman chang method protect event price increas method price brand intern protect product rose solu tampon user continu number tampon fewer dual user tampon towel continu number fewer question ask extern product show bui habit solu towel user dual user remain unchang price increas fewer degre continu loyalti method high natur sort studi draw woman attent hypothet price increas emphas possibl switch signific larg percentag dual user reluct chang intens usag product familiar altern product amp provid data purchas behaviour individu women gfk purchas panel support claim women stabl usag pattern menstrual protect product purchas panel data show women panel purchas tampon towel half purchas tampon towel half year impli half dual user solu user month similar panel data nielsen household purchas panel household woman compar month period show rigid purchas pattern exclus towel tampon user period remain exclus user period nielsen panel data period examin term number unit sold import measur assess price constrain impact margin substitut form women bought tampon april decemb purchas januari septemb pad similarli purchas period women exclus pad purchas period tampon fundament problem purchas panel data context reflect purchas pattern usag pattern averag purchas cycl towel nielsen data month close month tampon household panel women predominantli towel user bui tampon year frequent vice versa predominantli tampon user problem relev comparison made short time period month panel data explain purchas made order understand usag pattern stabl continu chang purchase place ow factor season variat child birth women approach menopaus trial purchas amp argument contradict view competitor retail women conserv stabl bui feminin protect product fact highli loyal method combin method individu brand price cross price elast amp claim sale towel influenc price level tampon product market gfk scanner data provid amp purport show high price elast exist cross price elast towel tampon scanner data gfk weekli sale week sampl store surfac show reduct price produc averag increas sale price elast decreas sale ob tampon cross price elast increas price result drop sale price elast increas sale ob cross price elast data high price cross price elast ob case price decreas hand price cross price elast lower case price increas amp provid scanner data sourc type analysi gfk data show similar result type analysi suffer weak technic problem calcul elast price elast calcul averag effect price reduct rang price increas exhibit lower price elast increas calcul base week price reduc analysi base limit number observ thirdli fundament type analysi explain variat sale simpli relat price simpl approach confus variat sale caus factor season variat promot store includ scanner sampl gener price estim elast estim model includ relev variabl multivari univari approach distinguish effect explanatori variabl model base multivari approach explain market behaviour comprehens price variat reduc risk confus type variat amp provid econometr analysi base gfk scanner data nielsen develop econometr price promot model scanpro base scanner data similar gfk data mean estim effect price promot gener price whilst elimin effect season variat analysi standard product sold nielsen countri categori consum product suppli commiss case johnson amp johnson purpos enabl compani plan promot effort analysi carri model compar super thin ob ultra towel towel type expect compet close tampon analysi show ob promot long term price develop signific impact sale super thin measur confid level multivari analysi nielsen addit insight univari analysi gfk understand complex behaviour market place price elast gfk analysi larg extent reflect promot effect reflect long term promot elast small price lead dramat shift total market demand ob tampon super thin towel year amp recogn gfk data project total market result consist attitudin survei data indic price unimport consum type product analysi scanner data provid amp contradict view retail question promot towel result reduct sale towel brand tampon slight effect felt due stock regular purchas dual user familiar product brand brand promot elabor econometr analysi make reconcil result gfk analysi view retail competitor provid elast estim project market level whilst nielsen model respect crude result confirm separ multivari analysi made american rl compani submit commiss competitor studi gave price elast pad cross price elast pad respect promot price signific promot elast studi confirm low level cross price elast tampon towel found nielsen studi whilst studi relat usa germani commiss note kei market characterist similar dual user constitut germani usa penetr ratio usa germani conclus econometr analys confirm observ market level impact launch tampon towel market expect event entri towel market price increas market repercuss market launch germani juli august tabl show respons month year averag tampon towel price gt quot gt id quot quot gt month gt id quot quot gt gt id quot quot gt quot gt id quot quot gt februari gt id quot quot gt gt id quot quot gt quot quot sourc nielsen figur collat competitor gt averag price towel fell slightli rose year tampon price hand rose slightli half year introduct rose year amp argu tampon substitut towel towel market share tampon launch tabl show rel volum share towel tampon combin towel tampon market germani refer penetr ratio launch juli evolut penetr ratio pad tampon show amp share towel usag separ quot volum base quot quot id quot quot gt germani gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt chang volum id quot quot gt gt gt id quot quot gt id quot quot gt gt gt id quot quot gt id quot quot gt gt gt id quot quot gt quot quot launch juli sourc commiss calcul basi nielsen volum figur suppli amp gt note tabl market growth thought result inclus german laender reunif volum figur order assess switch place germani entri juli result reduct tampon share combin tampon towel market amp argu pictur mislead penetr ratio stabl germani fact obtain market share gain brand tampon tampon gain similar volum towel thicker premium variant analysi prepar amp gfk basi purchas panel explan result obtain shift shown graph paragraph laender germani repeat virtual eea state launch tampon volum unaffect improb case compens shift volum tampon towel tampon occur impact launch laender germani shown graph sale mio unit west germani tampon sale slightli higher previou year appear evid take tampon volum graph suppli competitor base nielsen data larg market share towel brand launch laender germani vp camelia brand napkin market share develop west low levl interplai market price rise ob tampon june ob pack reduc unit price held constant effect price increas ob share good proxi german tampon market price remain constant ob move rate growth market share increas slow month similarli volum towel show mark respons tampon price increas figur suppli moelnlyck show nordic countri moelnlyck sell tampon towel dramat increas advertis promot spend towel respons launch mid mid norwai increas level spend tampon towel amp expenditur increas whilst tampon target advertis parti state manufactur tampon towel launch public campaign aim encourag user extern product switch intern vice versa argu manufactur make expenditur product market commiss view advertis incompat exist separ market degre switch long term woman life earlier point advertis campaign encourag switch familiar women argument switch advanc major live advertis direct adolesc women experi method suppli side substitut tampon manufactur fashion compact fleec stapl fibr towel made cellulos fluff wood base raw materi product nappi household paper product technolog unsophist inexpens unrel conclus relev product market amp argu feminin hygien market towel tampon pantlin base varieti household panel scanner data price studi whilst commiss recogn serious research present consid data narrowli specif support broad market conclus amp draw commiss examin market research studi provid parti present methodolog difficulti broader base strongli indic separ market commiss assist analysi conclus legitim draw market research materi dispos independ expert market research analysi market research studi present commiss decis consid strongli indic exist separ market pad tampon indic evid alongsid commiss analysi market view supplier retail consist commiss conclud separ market pantlin pad tampon relev geograph market amp submit relev geograph market western europ argu major supplier feminin hygien product activ eea countri european brand name manufactur predomin countri refer absenc legal tariff barrier high degre standard advertis packag low transport cost european sourc increas pan european purchas polici retail view structur element set examin competit environ sanitari towel market eea commiss conclud respect germani spain relev geograph market market power procter amp gambl post merger assess nation factor parti concentr determin competit behaviour germani spain suffer signific competit constraint countri left open austria constitut separ geograph market sanitari towel concentr lead creation domin posit austria set consum prefer consum demand sanitari towel present characterist member state variat rel popular towel oppos tampon member state importantli categori sanitari towel whilst tradit thick wingless towel commonli sanitari towel volum larg member state innov ultra thin wing towel led vari consum prefer ultra thin wing towel french british consum spanish italian german consum thick wing towel show opposit tendenc greater proport women ultra thin wingless towel germani franc uk usag pattern suffici identifi nation market context point set price sanitari towel commiss investig level factori price price paid distributor net discount rebat net net price towel member state index price take averag case procter amp gambl differ highest lowest index factori price franc germani uk belgium netherland point figur net net price point significantli higher differ competitor price countri countri competitor differ highest lowest price countri point ultra thin wing towel term net net price point factori price maximum differ thick wingless towel rang point supplier net net price point factori price spain itali factori price net net price rang significantli price member state notwithstand rapid growth price recent year low base true thick towel product amp arbora johnson amp johnson point cheaper spain germani member state ultra thin towel price differ point spain countri equal true factori price net net price spanish retail contact commiss confirm ultra thin product evax ausonia suppli joint ventur amp compani equival ultra thin towel price towel evolv markedli rate germani member state nielsen figur suppli competitor januari april januari april averag towel price germani rose whilst august august averag towel price rose franc uk netherland suppli side true big supplier sanitari towel oper member state efta countri disregard home market supplier market share vari significantli neighbour countri compani strong market posit countri border germani kimberli clark share netherland market moelnlyck denmark franc netherland present insignific extent germani johnson amp johnson strongest competitor amp germani post merger hold significantli higher market share austria supplier strong posit franc kaysersberg moelnlyck kimberli clark similarli absent spanish market amp market sanitari towel pantlin eea countri mean joint ventur itali spain portug vp sell full rang feminin hygien product germani austria switzerland spain itali vp product facil locat germani plant spain amp sourc towel product itali spain plant countri amp german plant crailsheim suppli germani franc uk ireland eea countri main supplier sell product rang eea state product site johnson amp johnson wide activ procter amp gambl competitor product site western europ moelnlyck oper primarili franc netherland belgium uk denmark nordic countri plant uk netherland franc norwai januari acquir italian compani sodalco nuvenia kimberli clark activ uk ireland netherland suppli countri franc plant uk netherland procter amp gambl competitor sourc suppli singl site separ product facil eea countri appear region suppli correl event mere central plant incompat separ nation market investig made commiss destin towel produc plant show supplier procter amp gambl situat plant avoid long distanc transport larg volum princip market germani uk franc itali spain suppli short distanc competitor explain order enter eea countri market purchas local compani uneconom suppli geograph remot product site procter amp gambl confirm supplier manufactur locat afford distribut cost gave figur transport cost deliveri germani franc germani uk competitor provid cost show journei uk sweden itali transport cost repres inter compani transfer price supplier provid destin neighbour countri short distanc limit number product facil big supplier conclud economi scale import produc save transport cost hand impact transport cost shown insignific big supplier appar tend suppli major market short distanc procter amp gambl submit supplier german market sanitari towel provid german supplier vp pelz hedwigsth german plant intern supplier procter amp gambl johnson amp johnson remain share fall privat label suppli partli import import minim legal tariff barrier spain local produc local plant includ vp suppli market remain share fall privat label brand procter amp gambl argu european brand name predomin western europ name vari manufactur transnat technolog multilingu packag enquiri commiss confirm germani spain exist eurobrand case automat prevent market essenti nation supplier sanitari towel brand western europ amp present ec member state survei member state reveal substanti varieti brand show competit structur countri differ towel brand eu member state quot quot quot id quot quot gt gt id quot quot gt camelia gt id quot quot gt silhouett serena quot gt id quot quot gt gt id quot quot quot id quot quot gt silhouett gt id quot quot gt vania gt id quot quot gt kotex freedom gt id quot quot gt nana quot gt id quot quot gt gt id quot quot quot id quot quot gt silhouett vespr gt id quot quot quot id quot quot gt kotex simplic gt id quot quot gt bodyform pennywis quot gt id quot quot gt line gt id quot quot quot id quot quot gt silhouett gt id quot quot quot id quot quot quot id quot quot gt nuvenia quot gt id quot quot gt ausonia evax gt id quot quot quot id quot quot gt silhouett quot gt id quot quot gt gt id quot quot quot id quot quot quot id quot quot quot id quot quot gt kotex gt id quot quot gt libress quot gt id quot quot gt gt id quot quot quot id quot quot quot id quot quot gt vania gt id quot quot quot id quot quot gt nana mimosept quot gt id quot quot gt gt id quot quot quot id quot quot quot id quot quot quot id quot quot quot id quot quot gt libress quot gt id quot quot gt ausonia evax gt id quot quot quot id quot quot gt serena modess stayfre quot gt id quot quot gt gt id quot quot quot id quot quot gt serena gt id quot quot quot id quot quot quot id quot quot gt nana quot gt id quot quot gt gt id quot quot quot id quot quot gt vespr stayfre staydri gt id quot quot quot id quot quot gt kotex simplic gt id quot quot quot quot quot brand class european silhouett essenti nation categori extend neighbour countri close ti vania franc belgium ausonia evax spain portug larg proport sale europ made import essenti nation brand line nuvenia itali camelia germani evax ausonia spain brand serena vespré johnson amp johnson kotex freedom kimberli clark libress nana moelnlyck qualifi pan european brand sale current european brand essenti silhouett achiev volum western europ base nielsen market share data amp sale figur johnson amp johnson demand side german retail trade remain substanti nation charact commerci term german retail differ significantli french italian retail trade margin lower germani unit kingdom number retail outlet differ significantli member state germani compar itali spain germani greater popul label product germani lower qualiti imag import competit term market unit kingdom label develop concept price close premium brand product price differ premium brand privat label product significantli larger germani case vp averag retail price exclud vat brand camelia product germani dm compar dm dm distributor brand purchas conduct nation basi german unit kingdom french retail state contract multin manufactur feminin hygien product amp negoti nation sale organ manufactur nation level exist nation sale organ amp submit due languag differ eea state confirm retail contact commiss retail claim unawar indiffer price countri claim attempt french distributor purchas procter amp gambl germani result refer procter amp gambl franc major distribut group franc germani spain unit kingdom unabl expect smaller fragment retail group spain eea state privat label product purchas abroad limit extent retail chain anxiou ensur lowest price retail chain impos brand good conform local tast transnat bui group grow import stress amp plai signific role purchas negoti term feminin hygien product larg supplier procter amp gambl case rebuff attempt group impos european condit group case simpli group larg retail group occasion oper common european promot action market entri barrier addit vari competit condit prevail eea state signific barrier entri nation market sanitari towel barrier discuss detail assess geograph market nation high level concentr high degre concentr german towel market compani procter amp gambl johnson amp johnson vp schickedanz hold volum constitut consider barrier entri increas risk entri sens reaction establish supplier newcom view defend acquir market posit profit true spanish market procter amp gambl hold volum brand loyalti exist high level brand loyalti sector sanitari towel make difficult persuad user switch product supplier enter market countri spain itali amp enter sanitari towel market acquir strong nation brand retain repres brand loyalti custom access distribut towel market matur market term number brand rang product germani austria access retail chain brand imposs shown introduct requir innov premium product substanti effort advertis promot sampl advertis sunk cost establish brand requir heavi invest advertis promot order persuad brand loyal custom switch usual brand expenditur sunk cost add risk entri past attempt market entri barrier entri german market illustr refer failur attempt recent year enter sanitari towel market germani notwithstand success launch due amp high level commit invest launch assess conclus factor possibl price differ germani spain oppos eea state brand loyalti custom high level exist concentr invest risk entri form conglomer factor creat import barrier entri german spanish market confirm unanim retail industri supplier consult commiss price differenti germani countri import camelia brand nation purchas retail larg chain fail attempt market entri demonstr germani nation market similarli market structur spain character high combin posit ausonia evax produc arbora ausonia jointli control procter amp gambl supplier plai signific role spain present highest level concentr eea sanitari towel exist brand mention pure nation introduc spain addit spanish retail sector markedli fragment comparison germani amp subsequ argu relev geograph market region identifi region market nordic countri north european countri benelux germani franc unit kingdom ireland southern europ whilst true group countri share common characterist penetr ratio signific differ suppli structur group major player absent hold radic market share neighbour countri kimberli clark moelnlyck present german market consider market share neighbour countri vp market leader germani presenc franc benelux unit kingdom belgian french market character import brand suppli neighbour countri vania nana similarli major brand spain ausonia evax present itali major italian brand line novenia present spain exclud franc benelux market differ market structur brand exclud germani spain market prospect relev geograph market amp submit relev geograph market western european refer presenc larg transnat supplier sanitari towel sector western europ increas import european brand name amp appear follow european strategi light result investig commiss recogn indic develop european market supplier amp attempt harmon nation region brand name multilingu label packag develop retail trade cross border acquisit formal inform transnat group retail suggest tent sign integr european retail trade eea low transport cost central plant support view spanish german market nation present complet common market sector achiev forese futur year sensit brand loyal market supplier switch european brand quickli lose sale timescal european market exce relev perspect establish commiss merger regul assumpt market european end period regard light evid mean fact longer term sanitari towel market fact european account present assess overview towel market market sanitari towel grow volum recent year europ popul growth stagnant increas demand due greater number product unit period women term market grown enorm adjust nielsen figur suppli amp west european towel market grown year figur germani show increas market west european towel market worth ecu million annum june german market worth ecu million annum growth market due introduct earli sophist product thinner consider absorb wing adhes tab side towel hold place bodi shape innov product command consider premium tradit product supplier major player towel market eea amp make towel pantlin johnson amp johnson amp moelnlyck kimberli clark make towel pantlin tampon amp present eea countri switzerland presenc spain portug itali joint ventur local compani amp present eea state denmark product moelnlyck busi centr nordic countri franc uk benelux greec kimberli clark franc uk benelux ireland margin presenc germani johnson amp johnson part worldwid person care toiletri compani largest towel produc amp western europ largest supplier pantlin western europ largest tampon produc tambrand germani johnson amp johnson largest towel produc amp vp largest tampon supplier germani austria largest towel produc market share merger vp amp result amp market leader spain johnson amp johnson minim share towel market stronger catameni product spain towel product rang includ ultra thin high absorb towel similar ultra towel launch similar time premium price moelnlyck own peaudouc franc largest towel manufactur make tampon pantlin wholli own svenska cellulosa ab swedish corpor geograph strength li scandinavia region market share excess pad norwai signific share uk franc netherland belgium present germani ireland spain portug austria bought compani itali market nuvenia brand kimberli clark leader market towel signific market share uk ireland franc netherland present austria spain share german market make tampon pantlin kimberli clark market ultra thin product europ competitor germani pelz hedwigsth market share aldi retail discount sell label brand volum german towel market amp estim kaysersberg activ household hygien paper sanitari protect sector catameni product produc sanitari towel sold brand vania primarili franc belgium februari kaysersberg wholli own subsidiari dutch hold compani name jamont nv jointli own jame river corpor cragnotti partner kaysersberg activ franc feminin hygien adult incontin protect sector compani vania expans retail chain poliv pharmaci own kaysersberg sa johnson amp johnson control kaysersberg market share assess market share parti commiss consid measur market share measur parti argu volum market share differ price towel aris longer fewer simpli expens comfort perform number unit consum good indic hold manufactur consum term futur purchas whilst true higher price reflect higher qualiti case towel market gener feminin hygien product towel heterogen product differenti size absorb mini normal super overnight special featur earlier differ determin attract product consum reflect price market share case sanitari towel premium brand product cost secondari brand privat label product expens towel technic sophist ultra type constitut growth sector market compani strength growth sector reflect market share import indic competit posit abil manufactur command higher price product compet product result product innov advertis brand market import indic rel market power compani compar competitor abil reflect market share volum sector heavili promot brand good predomin share approxim indic financi resourc manufactur reinvest brand advertis reason commiss consid market share reflect real market strength compani market market share volum commiss decis eec juli nestlé perrier recit eec novemb warner lambert gillett recit market share suppli amp volum figur base nielsen data adjust amp account nielsen imperfect coverag data tabl nation market oper result signific increas market share amp nation market market share sanitari towel quot quot quot id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt lt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt lt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt lt gt id quot quot gt lt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot quot sourc nielsen adjust amp sourc nielsen adjust amp gt germani transact give rise addit market share nation market market vp present take account divest vp camelia busi offer procter amp gambl post merger market share volum german market divest camelia busi share volum largest competitor merg entiti johnson amp johnson aldi share market sale label towel estim amp small produc pelz hedwigsth individu share record nielsen kimberli clark german towel market procter amp gambl market share continu grow rate increas recent slow germani year june launch germani amp gain increas year june year decemb vp camelia brand brand suffer consider loss market share period combin market share amp camelia rose slowli steadi increas quot quot id quot quot gt juli june gt id quot quot gt gt id quot quot gt quot gt id quot quot gt januari decemb gt id quot quot gt gt id quot quot gt quot gt id quot quot gt januari decemb gt id quot quot gt gt id quot quot gt quot gt id quot quot gt novemb decemb gt id quot quot gt gt id quot quot gt quot gt spain itali spain amp strong posit joint ventur arbora fater volum increas johnson amp johnson share volum bulk remain sale market label sale small produc itali oper give amp joint ventur finaf share italian market increas market share austria austria vp camelia add amp exist market share give merg entiti total share volum nearest competitor johnson amp johnson volum local produc rauscher barrier entri brand loyalti chosen method menstrual protect fail consequ physic unpleas social embarrass woman women place great import secur reliabl product reluct experi untri product women displai high level loyalti chosen method protect brand product brand mind shop unit kingdom retail phrase custom brows store commiss examin number consum research studi show high level brand loyalti data suppli competitor prepar gfk show total volum germani sold women loyal purchas towel entir year studi prepar dymparez spanish market conclud import brand brand loyalti grow consum bui brand studi conduct infratest burk itali competitor amp march show women question concur statement brand protect long time amp data germani show towel custom loyal brand year bought towel purchas effect level brand loyalti towel user half level brand loyalti reflect cost failur forc habit desir familiar trust product intim area women distinguish type towel purpos bui brand ultra towel brand maxi overnight towel women total loyal brand shown statist disloy brand loyalti act barrier entri market grow volum annum entrant market share incumb entrant persuad women product bui repeat basi stop bui habitu brand price insensit ultra innov towel amp silhouett launch price consider premium compar ordinari towel innov offer superior perform size premium indic low level price sensit product size price rang pad germani ecu ecu expens time price expens consum survei show price decis factor major women choic towel dual user survei germani competitor amp bui prefer brand towel increas price brand store women survei studi made infratest burk itali purchas brand price import factor comfort absorb reliabl retail contact state women chang brand price precis retail contact felt price differ woman chang brand innov market develop number establish brand wide rang product variant high method loyalti signific brand loyalti sanitari towel set market entri appear extrem difficult product perceiv consum genuin innov number wai margin slight superior brand suffici overcom attach consum develop establish brand amp present substanti innov packag improv penetr market rapidli difficult forecast product develop similar import competitor futur entrant manufactur towel geograph market difficulti develop lead edg product handicap entri attempt appear consider mover advantag compani launch gener product establish market posit extrem difficult attack improv product compani offer persuad women switch product offer improv perform difficult compani introduc similar product subsequ gain custom women origin attract product switch compani product switch case denmark netherland sweden moelnlyck launch ultra product procter amp gambl superior product found difficult repeat gain market share made difficulti low price entri strategi competit market larg conduct advertis perform imag consum explain price insensit low price low promot spend entri strategi base sole undercut incumb inher succe extent advertis creat demand determin sale import factor willing distributor stock product low price strategi gener return fund advertis pai high list fee distributor encourag stock poorli promot brand access retail increas concentr retail industri northern europ entri brand difficult ten import distributor gain presenc supermarket shelf supplier gain distribut kei account achiev viabl posit indic sporad trend distributor ration number brand stock order concentr negoti power gain larger volum discount retail concentr southern europ consider lower trend begin advertis promot amp launch europ accompani industri particip view unpreced promot product includ consum sampl media promot advertis kei factor gener demand brand consum good mean manufactur attempt reduc demand elast price sensit consum product success rise virtuou circl supplier point view enhanc turnov gener supplier fund sale gener advertis revers true viciou circl low sale reduc abil supplier fund advertis strengthen market posit strong weaken weak competit brand towel market base advertis price price sensit market abil competit depend oper effici economi scale cost base low order reduc price leav cash flow free promot distinct made advertis promot expenditur aim encourag women test entrant product brand support term market entri clear entri suffici decis success order break virtuou reinforc level market share advertis expenditur achiev quickli sunk cost entri dramat increas kimberli clark attempt entri german market illustr initi failur win suffici distribut market share kimberli clark appear stop fund promot brand result sale rapidli dwindl neglig level entrant spend advertis order encourag women product spend suffici stand background brand support advertis amp awar factor plan launch belgium spoke achiev high brand awar introduct spend heavili media level total yearli pad segment media spend level time expenditur supplier put kei size towel sampl household amp spent sum advertis sampl trade promot list fee retail launch ultra thin individu eea countri quot quot id quot quot gt februari januari gt id quot quot gt unit kindom ireland gt id quot quot gt quot gt id quot quot gt novemb octob gt id quot quot gt franc gt id quot quot gt quot gt id quot quot gt juli june gt id quot quot gt germani gt id quot quot gt quot gt id quot quot gt juli june gt id quot quot gt belgium luxembourg gt id quot quot gt quot gt id quot quot gt april gt id quot quot gt netherland gt id quot quot gt quot gt id quot quot gt august juli gt id quot quot gt austria gt id quot quot gt quot gt commiss accept figur repres launch innov product nation market amp present present europ iberian italian joint ventur size expenditur markedli higher competitor launch ultra thin product procter amp gambl spent dm million launch ultra towel germani johnson amp johnson spent amount moelnlyck launch expenditur franc unit kingdom procter amp gambl amp continu spend markedli competitor type promot year launch competitor respond increas brand support order defend market share shown tabl increas advertis promot expenditur towel quot quot id quot quot gt johnson johnson gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt chang gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt kaysersberg gt id quot quot gt gt id quot quot gt gt id quot quot gt chang gt id quot quot gt gt id quot quot gt gt id quot quot gt chang gt id quot quot gt gt id quot quot gt quot gt id quot quot gt moelnlyck gt id quot quot gt gt id quot quot gt gt id quot quot gt chang gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt kimberli clark gt id quot quot gt gt id quot quot gt chang gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt chang quot gt procter amp gambl quot figur dmb amp show advertis percentag total feminin hygien sale germani rose compar diaper deterg period whilst ratio market sale advertis expenditur line consum good barrier entri caus high level advertis significantli higher time amp entri term barrier entri mark increas level promot support significantli rais level expenditur entrant wish stand background nois brand support absolut amount monei requir overcom promot barrier entri significantli increas effect increas underli level advertis expenditur increas minimum viabl market share entri potenti entrant order fund competit level advertis achiev suffici sale incumb amp larg market share spread advertis cost larger sale volum campaign magazin media channel fix cost irrespect turnov product advertis import economi scale advertis retali incumb signific market share entrant cheap easi entrant achiev similar market share incumb cost advantag kei competit paramet increas market level advertis increas risk potenti entrant competitor resourc importantli spend larg sum advertis promot sunk cost recover event failur market effect dramat increas financi risk market entri insuper barrier potenti competitor financi resourc entri sound busi proposit high level concentr prior transact top compani germani held market spain amp joint ventur held post merger largest compani germani amp amp hold market spain amp joint ventur hold market result merger high level concentr constitut barrier entri newcom higher share market leader harder retail stock leader brand prefer newcom product facilit reaction newcom incumb defend shelf space special rebat retail addit store promot media spend larger market share incumb larger advantag term economi scale advertis area overhead sale market expens advertis spread larger sale releas cash flow advertis retaliatori action barrier entri enumer necessarili insuper individu strong disincent compani contempl entri market amp overcom barrier combin innov product massiv sampl public spend precis consequ entri barrier notabl advertis access retail high level concentr increas significantli entri amp realiti barrier histori entri german market kimberli clark launch freedom brand towel germani brand achiev higher share moelnlyck enter german market innov bodi shape product libress formé distribut agreement henkel kosmetik part henkel ag notwithstand distribut agreement henkel moelnlyck achiev weight distribut final withdraw loss earli unilev launch towel brand cosmea product innov ultra thin individu wrap succe unilev sold brand pelz hold market unsuccess attempt establish brand vania germani kaysersberg domin contest shown amp hold high market share post oper germani spain austria itali towel market character high barrier entri establish amp domin market question remain amp posit constrain actual potenti competitor retail case austria investig commiss led conclud view structur austrian sanitari towel market amp acquisit vp amp hold domin posit result transact amp launch austria summer gain consider market share johnson amp johnson rauscher camelia afford amp share austrian market amp face competitor signific market share johnson amp johnson previou market leader austria resourc multin rauscher establish nation brand senta cresta structur austrian sanitari towel market balanc germani whilst amp posit strengthen result concentr commiss consid exist supplier signific share market constrain amp competit behaviour whilst amp increas market share organ growth futur case market situat caus concentr organ growth case itali amp increas share commiss consid market share prima faci evid domin increas constitut strengthen domin posit amp strength germani implic purchas vp spanish market assess amp result increas share german spanish towel market obtain acquir vp posit act independ competitor custom market last basi amp market posit speed success procter amp gambl entri europ remark wrest market share tradit nation brand camelia global competitor johnson amp johnson kimberli clark moelnlyck amp competitor develop innov product respons challeng dramat increas promot expenditur defenc market share combin product procter amp gambl competit advantag result extrem fast organ growth sanitari towel product supplier enjoi high level brand loyalti reduc price sensit women purchas regular basi constitut small percentag woman total monthli expenditur product sanitari towel sector price increas competit level necessarili result reduc sale amp strong ultra thin segment towel market product recent innov share total market grow rapidli amp strength fastest growth area market addit factor strengthen market power amp largest supplier brand groceri good retail trade brand have retail retail consult commiss amp stronger posit commerci relat groceri distributor competitor suppli german retail feminin hygien sale amp strong posit obtain access import shelf space major supermarket chain product amp consider expertis develop market food consum brand understand heavi front invest requir creat brand nonetheless extrem profit evalu long time period amp total turnov johnson amp johnson largest competitor sanitari towel busi importantli sanitari towel turnov johnson amp johnson moelnlyck amp europ import context advertis economi scale explain advertis sale ratio competitor procter amp gambl fund time promot spend absolut term amp financi posit strengthen posit market wash powder deterg resourc transfer busi segment abil incur risk determin strength competit pressur tampon amp argu separ product market tampon towel tampon exercis competit pressur towel market account assess merger commiss competit pressur tampon signific respect price competit aspect degre women chang usag price reason chang contracept method necessit chang method menstrual protect iud heavi bleed dealt towel contracept pill reduc bleed facilit tampon women tampon immedi childbirth oblig towel period time women approach menopaus towel case competit method price perform method clear function advantag women chang method protect price reason perform characterist method import adolesc women experi method find suit similarli women chang method life price characterist product percept towel natur method tampon modern rang women chang usag habit varieti reason price made rel price product essenti market occur amp rais towel price level usag chang women account difficult estim competitor estim month period nielsen household purchas studi babi menopaus requir chang towel contracept method adolesc experiment account size switch found nielsen household panel studi product purchas women involv fact part switch appar real due long purchas cycl stock number women switch price reason amount price sensit switch small price sensit switch minim low level cross price elast found studi earlier clear profit amp rais price revenu gener consum risk lose increas revenu gain consum tampon form separ market towel exercis notic competit pressur movement basi price factor purchas power food retail amp argu retail exert strong competit pressur sector feminin hygien product ow signific purchas power exercis larg retail transnat bui group set transnat bui group forese futur plai signific role field sanitari towel structur retail sector germani true highli concentr exist purchas power constrain competit behaviour amp assum reason compar consum food product exclus sold groceri outlet demand side concentr sanitari towel sold pharmaci drugstor amp sale vp biggest retail germani turn account total retail sale expert report sondergutachten publish februari german act restrict competit monopolkommiss group independ competit expert appoint presid feder republ germani market structur competit retail state purchas market retail germani character purchas power supplier groceri good dispos altern sell good demand side mark competit high intens competit german retail respect consum competit impact competit demand side retail sector spain fragment germani power german trade assum retail strong posit vi vi supplier groceri good consid differ field sanitari towel signific loyalti brand method loyalti consum whilst retail limit amp negoti power reduc number put up stock manufactur caught supplier consum demand gener supplier advertis advertis creat consum pressur distributor stock brand advertis order meet demand custom advertis capac amp lead brand camelia indispens retail confirm retail contact commiss accept retail countervail power amp import examin motiv store amp launch argu promot literatur distributor ad product part increas sale price command share distributor stock higher price simpli higher margin distributor rel price insensit consum sector brand loyalti effect advertis reduc price elast advertis good distributor pass increas custom lose volum motiv retail resist price increas amp argu post concentr retail diversifi supplier base amp suppli top brand germani retail gener reluct delist premium brand camelia present high level product support high margin signific turnov favour untri product current competitor amp closest competitor germani johnson amp johnson amp market share product line markedli inferior amp launch ultra thin variant august market share halv half year launch amp increas advertis support brand silhouett respond launch juli appear limit success gainst amp spain amp multin present share pose signific competit threat amp joint ventur small competitor germani pelz hedwigsth competit term margin market share secondari brand resourc product pose threat amp market posit constrain behaviour mention earlier label product constitut volum german towel market sell half price premium brand product explain earlier competit offer label product germani spain extrem limit price qualiti gap label product provid altern consum face extrem increas price brand good point consum market conclud improv perform brand product label merit increas price rel price insensit market label product constrain price increas brand product highli exagger potenti competit market entri potenti entri constrain amp behaviour german spanish market examin entri probabl competit meaning effect place time frame short deter amp exploit market power group entrant feminin hygien supplier present state countri group countri case germani spain moelnlyck kaysersberg kimberli clark extent share german market minim declin consid potenti entrant exist player europ group compani consid potenti entrant sanitari protect compani japanes firm unicharm kao label specialist confab dispos soft good hong kong brand consum good compani kao unicharm major produc feminin hygien product present eea market present unicharm joint ventur moelnlyck babi nappi market lack market experi distribut organ europ japanes compani state imposs enter eea towel market posit amp europ absorb product sell expens establish distribut network manufactur consum good unilev nestlé philip morri financi resourc experi feminin hygien sector relat market creat product brand de novo conceiv potenti entrant question enter german spanish market year time respons excess price market discuss earlier regard germani fail attempt entri year illustr difficulti penetr market scale undertaken amp explain earlier discuss barrier entri towel market success entri combin product perceiv innov consum huge advertis promot effort point build market share distribut quickli competitor amp estim minimum viabl market share supplier gener resourc fund advertis obtain adequ weight retail distribut estim competitor germani retain market share won minimum market share begin reap economi scale advertis requir minimum viabl market share limit potenti entri low cost entri strategi base undercut exist brand promot succe low level price sensit consum fund advertis persuad brand loyal consum switch brand obtain retail distribut sale compani decid enter market decis long term provid constraint excess price sanitari towel commod product entri entail develop case brand innov product market test sampl heavili promot launch sort invest requir enter german spanish market amp incumb invest risk mean entri hit run entri take opportunist advantag short term price level long term strateg decis entrant german spanish market offer profit busi opportun barrier difficulti attack amp domin posit market entri corpor prioriti amp feel constrain threat entri awar cost risk entri high commit entrant level commit entri market decis enter quickli product introduc market precipit amp increment spanish market admittedli larg signific amp high exist market share fact transact amp deni potenti entrant possibl enter bui camelia brand spain camelia premium brand level johnson amp johnson margin market share silhouett serena vespré manufactur brand hold privat label product small market posit enabl competitor constrain brand amp joint ventur signific brand loyalti sector establish posit ausonia evax acquisit remain premium brand reinforc domin posit amp joint ventur spanish market domin view commiss harm consum wai german market price amp increas price camelia independ competit reaction supplier freedom spring market domin germani low price sensit consum market amp free ultra thin segment competitor camelia version johnson amp johnson silhouett brand probabl johnson amp johnson strategi closest competitor follow price increas introduc amp order rebuild profit loss make towel busi germani innov qualiti acquisit elimin competit innov vp amp camelia global develop amp technolog innov develop vp vp ownership lost consum competitor innov johnson amp johnson choic amp acquisit result reduct consum choic highli probabl amp subsequ ration broad rang product variant camelia order maxim effici towel busi germani reduc consum choic conclus view result investig discuss market share barrier entri potenti competit commiss consid number factor relev german spanish market sanitari towel acquisit amp vp divest vp babi nappi busi enabl amp post merger act independ custom competitor market germani amp hold post merger market share volum market closest competitor volum balanc fragment supplier label sale figur account amp initi offer divest camelia feminin hygien busi vp offer subsequ replac divest camelia paragraph decis figur barrier entri german market histori attempt market entri commiss consid amp market power constrain actual potenti competitor acquisit vp import german brand camelia major nation independ brand render entri german market entrant difficult oblig enter de novo acquisit exist player set increment market posit amp spanish market strengthen amp domin posit market isol high level concentr increment domin posit camelia brand constitut entri vehicl entrant lost vi commit propos procter amp gambl amp offer modifi origin concentr plan notifi enter commit amp undertak commiss respect vp camelia brand feminin hygien product busi compris forchheim plant product line dedic manufactur feminin hygien product ii camelia brand iii asset liabil form part oper vp camelia brand feminin hygien product busi refer quot busi quot amp undertak practic commiss adopt favour decis regul eec event close acquisit share vp appoint independ truste approv commiss act behalf overse ongo manag camelia busi ensur continu viabil market rapid effect divestitur rest amp activ refer quot truste quot truste simultan appoint goldman sach intern quot goldman sach quot act behalf conduct good faith negoti interest parti view sell busi amp agre turn truste goldman sach respect remuner understood part remuner goldman sach consist fee relat consider sale amp undertak give truste irrevoc mandat find valid purchas busi understood purchas viabl exist prospect competitor independ unconnect amp possess financi resourc proven expertis consum product market enabl maintain develop busi activ competit forc competit amp catameni busi market concern amp reason step encourag relev personnel emploi busi includ sale administr personnel employ independ parti amp deem compli undertak period enter bind letter intent sale busi provid sale complet time limit agre commiss amp undertak give arm length basi assist request truste goldman sach prior sale busi parti report refer paragraph truste commiss believ purchas propos sign letter intent fulfil descript valid purchas set paragraph consid negoti purchas continu week receipt relev advic truste commiss formal disagr truste assess purchas negoti parti valid purchas free proce provid offer concern receiv purchas recogn valid procedur laid paragraph amp free accept offer select offer consid case plural offer offer determin price offer oblig affect offer bind agreement sale busi sign purchas forthwith ongo contractu negoti suppli catameni product germani retail distributor order ensur viabil busi preserv bind sale agreement exist truste negoti amp undertak period refer point event complet sale busi parti forchheim plant render capabl transfer independ parti forchheim plant capabl manag separ amp prior complet sale busi parti amp ensur busi manag distinct saleabl entiti manag account sale distribut effort busi separ amp catameni busi research develop facil present exist vp manag amp undertak busi manag compos vp amp personnel guidanc control truste instruct manag independ basi order ensur continu viabil market independ amp request truste amp provid suffici financi resourc end ordinari busi prior complet sale busi parti amp integr busi amp busi unit appoint amp employe busi amp undertak make structur busi prior commiss approv amp integr vp secondari label catameni busi commerci product structur catameni sale camelia busi complet amp obtain busi manag busi secret commerci inform industri inform properti right confidenti proprietari natur relat busi amp undertak truste provid written report letter intent sign event bi monthli basi relev develop negoti parti interest purchas busi report support document furnish commiss support document includ report manag busi commerci oper prejudic power commiss ensur enforc undertak condit oblig articl regul eec disput amp parti purchas busi aris connect implement undertak submit independ arbitr mutual agre amp parti understood time need arbitr affect deadlin laid complet sale busi set paragraph commiss satisfi amp offer divest busi includ camelia towel brand prevent amp acquir domin posit germani reinforc domin posit spain post concentr post divest camelia market structur germani spain take account amp divest camelia busi vp quot quot quot id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt lt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt lt quot gt id quot quot gt lt gt id quot quot gt lt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt id quot quot gt gt id quot quot gt gt id quot quot gt gt id quot quot gt quot gt amp increas share german market total share camelia hold amp share increas amp market share sole attribut acquisit vp secondari store brand busi premium brand amp exist busi subject competit signific supplier brand premium towel spain amp share increas commiss conclud commit offer amp respect camelia brand feminin hygien busi vp suffici prevent creation reinforc domin posit german spanish market eea sale asset divest place end time period set amp commit commiss reserv requir amp divest asset interest vp schickedanz amp vp schickedanz fulli separ order restor condit effect competit provid articl merger regul oblig accept amp breach commiss reserv pursuant articl revok authoris decis action prejudic commiss impos fine pursuant articl adopt decis articl subject full complianc condit oblig contain procter amp gambl commit vi vi commiss respect camelia brand feminin hygien busi vp set recit decis concentr notifi procter amp gambl gmbh januari relat acquisit vp schickedanz ag declar compat common market function eea agreement articl decis address procter amp gambl gmbh procter amp gambl european technic center temselaan strombeek bever brussel june commiss karel van miert member commiss oj corrigendum oj publish version decis inform hereinaft omit pursuant articl regul eec disclosur busi secret ecu million oj towel price towel vari significantli rel price tampon member state independ rel penetr level brand market share excess ratio vp brand product price distributor brand price oj nielsen cover import retail outlet estim coverag factor germani amp assum rel market share supplier nielsen store ident market respect aldi sell label good extent competitor amp produc label product includ nielsen data amp amp produc label fempro product exact market share delet busi secret exact market share delet busi secret period multipl multipl herfindahl hirschman index concentr germani calcul commiss pre merger post merger exact market share delet busi secret