June 14 q3

Maybe I am too tired, but I don't understand you. Where do you get your 10% from?

it is just above other information where is table of share of PBDIT and pre-tax profit for department C

Is this share of profits included in current assets value? Its confusing because in cash flows they include their share of profits.

Sorry - I have found it now :-) It because 10% of B's PBIT comes from C (note (vI). It is assumed that in future this will be lost.

Well inter company trading is ignored. Value of C department is just MV of assets. But what about department A? Doesn't it create any value to Vogel?

Yes of course. The new value has been calculated by multiplying the new after-tax earnings by the PE ratio. The new after-tax earnings are those of Vogel plus those of A plus the synergy benefits.

Now its clear. Very messy question, lots of small details to miss. Thank you for your patience :)

You are welcome :-)