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Note 2 Acquisitions and divestments


In 2010, we completed several acquisitions, mainly in Performance Coatings. The largest acquisition was related to the powder coatings activities of the Dow Chemical Company. We also acquired the Lindgens Metal Decorating Coatings and Inks business and Changzhou Prime Automotive Paint Co., Ltd to grow our Car Refinishes business in China.

During 2010, National Starch was classified as a discontinued operation and was sold on October 1, 2010, at a gain of €53 million. For more information, see note 7.

The acquisitions in 2010, both individually and in total, were deemed immaterial in respect of the IFRS 3 disclosure requirements. Pre-acquisition carrying amounts were not gathered. The acquisitions in 2010 contributed €155 million to revenue.

Recognized values at acquisition

 

 

 

 

In € millions

Powder coatings activities

Other acquisitions

Total

 

 

 

 

Goodwill

7

7

Other intangible assets

9

50

59

Property, plant and equipment

38

1

39

Other non-current assets

2

2

Inventories

32

5

37

Trade and other receivables

43

8

51

Cash and cash equivalents

2

1

3

Provisions

(3)

(3)

Deferred tax liabilities

(3)

(6)

(9)

Long-term borrowings

(1)

(1)

Trade and other payables

(6)

(9)

(15)

Net identifiable assets and liabilities

114

56

170

Recognized in the statement of income

(16)

(16)

Consideration paid

98

56

154

Cash and cash equivalents acquired

(2)

(1)

(3)

To be paid in 2011 and later years

(8)

(8)

Net cash outflow

96

47

143

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