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BASF wants Pronova
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BASF wants Pronova

22.11.2012 - BASF plans to expand its leading position in the market for omega-3 fatty acids with an takeover of Norwegian Pronova Biopharma.

On November 21, the world’s largest chemical company in the world announced it has reached an agreement with Pronova BioPharma ASA’s Board of Directors to make a recommended voluntary public takeover offer. Under the terms of the agreement,  BASF is to pay NOK 12.50 (€1,70) in cash for each Pronova share, valuating the Lysaker-based specialist at NOK4.8bn (€664m).

With the acquisition of Pronova, BASF would immediately achieve a leading position in the growing market for omega-3 fatty acids.  BASF said it has already obtained irrevocable pre-acceptance commitments for approximately 60% of Pronova’s share capital; including the 50.0% stake held by majority shareholders Herkules Private Equity Fund, an approximate 9.1% stake, indirectly controlled by investment firms Kistefos AS and Kistefos Investment AS, with 0.3% held by members of the Board of Directors and management of Pronova.

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. 

“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 and responsible for the Performance Products segment, which includes the Nutrition & Health division. 

Pronova’s active pharmaceutical ingredients are used to treat cardiovascular diseases such as post-myocardial infarction. In nutritional applications, including dietary supplements, there is a strong body of evidence supporting a broad range of positive health benefits through omega-3 fatty acids, for example, in the areas of cognitive development or heart health. 

© eurobiotechnews.eu/tg

http://www.european-biotechnology-news.com/news/news/2012-04/basf-wants-pronova.html

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