| 2014 Rm |
2013 Rm |
||
40. |
Business combinations |
||
| Acquisition of chrome business | |||
| In November 2012, Impala Chrome, a subsidiary within the Group, acquired a chrome business whose main business is the processing of Impala’s tailings to extract chrome. | |||
| Details of net assets acquired are as follows: | |||
| Property, plant and equipment | – | 79 | |
| Inventories | – | 1 | |
| Net assets acquired | – | 80 | |
| Details of consideration transferred are as follows: | |||
| Cash | – | 57 | |
| Equity interest in Impala Chrome | – | 23 | |
| Total consideration paid | – | 80 | |
| 30% (300 ordinary shares) of the equity interest in Impala Chrome was transferred as part of the consideration paid for the chrome business acquired. The fair value of the equity instruments granted for consideration was determined by reference to the fair value of the assets, liabilities and contingent liabilities recognised in terms of the business combination. The share-based payment resulted in Implats retaining a 70% controlling interest in Impala Chrome. No goodwill resulted from the transaction. |