21 November 2012 07:02 [Source: ICIS news]
SINGAPORE (ICIS)--BASF is planning to acquire Norway-based omega-3 fatty acids maker Pronova BioPharma and will offer to pay Norwegian kroner (NKr) 12.50 ($2.18, €1.70) in cash for each Pronova share, the German chemicals major said on Wednesday.
BASF has reached an agreement with Pronova to make a “recommended voluntary public takeover offer to Pronova's shareholders”, the company said in a statement.
Pronovo’s board of directors and its management “unanimously support BASF's offer and recommend its acceptance”, BASF said.
BASF has also obtained “irrevocable pre-acceptance commitments” for about 60% of Pronova's share capital, it said.
BASF expects to finalise the transaction in the first quarter of 2013.
"The intended acquisition will significantly strengthen our position in the fast growing and highly profitable market for omega-3 fatty acids,” said Michael Heinz, member of the board of executive directors of BASF.
“With the acquisition of Pronova BASF will immediately achieve a leading position in the global market for omega-3 fatty acids,” the company added.
($1 = NKr5.74 / $1 = €0.78)
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