BP 2007 Annual Report Download - page 111
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BP ANNUAL REPORT AND ACCOUNTS 2007 109
2Acquisitions
Acquisitions in 2007
BP made a number of acquisitions in 2007 for a total consideration of $1,200 million. These business combinations were predominantly in the Refining
and Marketing segment, the most significant of which was the acquisition of Chevron’s Netherlands manufacturing company, Texaco Raffiniderij
Pernis B.V. The acquisition included Chevron’s 31% minority shareholding in Nerefco, its 31% shareholding in the 22.5 megawatt wind farm co-
located at the refinery as well as a 22.8% shareholding in the TEAM joint venture terminal and shareholdings in two local pipelines linking the TEAM
terminal to the refinery. Fair value adjustments were made to the acquired assets and liabilities. Goodwill of $270 million arose on these acquisitions.
Acquisitions in 2006
BP made a number of acquisitions in 2006 for a total consideration of $256 million. All these business combinations were in the Gas, Power and
Renewables segment. Fair value adjustments were made to the acquired assets and liabilities and goodwill of $64 million arose on these acquisitions.
Acquisitions in 2005
BP made a number of acquisitions in 2005 for a total consideration of $84 million. No significant fair value adjustments were made to the acquired
assets and liabilities. Goodwill of $27 million arose on these acquisitions. Also in 2005, additional goodwill of $59 million was recognized relatingtothe
2004 acquisition from Solvay of the remaining interests in two equity-accounted entities. This goodwill arose due to final closing adjustments and
selling costs and was written off.