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BASF Bids to Acquire Pronova BioPharma

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By: Sean Moloughney

Editor, Nutraceuticals World

BASF plans to acquire Pronova BioPharma ASA, Lysaker, Norway, a pioneer in the field of research, development and manufacturing of omega 3 fatty acids. BASF has reached an agreement with Pronova to make a recommended voluntary public takeover offer to Pronova’s shareholders, and will offer to pay NOK 12.50 in cash for each Pronova share. In addition, BASF has obtained irrevocable pre-acceptance commitments for approximately 60% of Pronova’s share capital, including the 50% stake held by majority shareholders. The offer corresponds to a premium of 24% above the volume-weighted average share price for Pronova’s shares in the six months prior to announcement of the public takeover offer. Based on all outstanding shares and including all net financial liabilities, the enterprise value would be NOK 4,845 million (approximately €664 million).

“The intended acquisition will significantly strengthen our position in the fast growing and highly profitable market for omega 3 fatty acids. We want to combine the global market reach and experience of BASF with the know-how of Pronova in omega 3 fatty acids,” said Michael Heinz, member of the Board of Executive Directors of BASF SE, who is responsible for the Performance Products segment, which includes the Nutrition & Health division.

 

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