17 Business combinations
On 1 April 2015, the acquisition from Acam of a 51% stake in Acam Gas was completed for a fee of €46 million (including additional expenses). By means of this transaction, Italgas, which already owned 49% of Acam Gas, acquired the company’s entire share capital, further consolidating its gas distribution business in the minimum geographical area (ATEM) of La Spezia.
Consequently, as of 1 April 2015, the equity investment held by Italgas in Acam Gas, classified until 31 March 2015 as an associate company and valued using the equity method, is fully consolidated in accordance with IFRS 10 – “Consolidated Financial Statements”. The acquisition of control over Acam Gas represents a “business combination”, reported in accordance with IFRS 3 – “Business Combinations”.
The accounting effects of the business combination, in accordance with the provisions of IFRS 3 – “Business combinations”, are summarised below:
| Download XLS (22 kB) |
|
(€ million) |
Values after assignment of fair value |
|
Fair value of net assets acquired |
95 |
|
Value of assets acquired |
117 |
|
Value of liabilities acquired |
22 |
The main values of the assets and liabilities of Acam Gas S.p.A. at the acquisition date are summarised below:
| Download XLS (22 kB) |
|
(€ million) |
Values after assignment of fair value |
|
Current assets |
12 |
|
Property, plant and equipment and intangible assets |
99 |
|
Prepaid tax assets |
6 |
|
Assets acquired |
117 |
|
|
|
|
Current liabilities |
11 |
|
Provisions for risks and charges |
10 |
|
Provisions for employee benefits |
1 |
|
Liabilities acquired |
22 |
|
Shareholders’ equity acquired |
95 |