Net assets and financial position

Acquisitions and divestments

Effective January 2, 2012, we acquired control of the distribution company Bella Vista A/S, Silkeborg, Denmark. This acquisition strengthens our existing hair salon business in Scandinavia. We hold 100 percent of the voting rights in the company. The purchase price paid was 5 million euros.

In the first quarter, we spent 7 million euros acquiring the outstanding non-controlling interestsProportion of equity attributable to third parties in subsidiaries included within the scope of consolidation. Previously termed “minority interests.” Valued on a proportional net asset basis. A pro-rata portion of the net earnings of a corporation is due to shareholders owning non-controlling interests.
in Chemofast Anchoring GmbH, Willich, Germany, increasing our shareholding from 73 percent to 95 percent.

Effective August 1, 2012, we acquired the high performance pressure sensitive adhesives business of Cytec Industries Inc., USA. The purchase price paid was 88 million euros. This acquisition is in keeping with our strategy to expand our core business, and strengthens our expertise in the field of high-performance adhesives.

In the second half of the year, we acquired the laundry detergent business of Colgate-Palmolive in the Dominican Republic for a purchase price of 20 million euros. This acquisition will enable us to grow our core business, and complements our existing distribution business in the Dominican Republic.

In 2012, we spent 3 million euros on the acquisition of outstanding non-controlling interestsProportion of equity attributable to third parties in subsidiaries included within the scope of consolidation. Previously termed “minority interests.” Valued on a proportional net asset basis. A pro-rata portion of the net earnings of a corporation is due to shareholders owning non-controlling interests.
in Rilken Cosmetics Industry S.A., Athens, Greece. We increased our shareholding from 78 percent to 100 percent effective December 31, 2012. The company has since been delisted and merged into its parent, Henkel Hellas S.A., Athens, Greece.

We realized 3 million euros in the third quarter from the sale of non-core activities in the Adhesive Technologies business sector.

For further details of our acquisitions and divestments see here.

Neither the acquisitions and divestments nor other measures undertaken resulted in any changes in our business and organizational structure. For detailed information on our organization and business activities, please refer to the corresponding discussion on Operational activities.

Our long-term ratingAssessment of the creditworthiness of a company as published by rating agencies.
remains at “A flat” (Standard & Poor’s) and “A2” (Moody’s). These are also our target ratings. Looking forward, we intend not to jeopardize these when assessing potential acquisitions.