31 January 2013 11:41 [Source: ICIS news]
LONDON (ICIS)--BASF has completed its acquisition of Norway-based omega-3 manufacturer Pronova BioPharma, the Germany-based chemicals giant said on Thursday.
The company agreed the purchase on January 21 after receiving the approval of holders of over 90% of Pronova’s share capital, the minimum threshold a purchase could be agreed at. BASF now holds 98.2% of Pronova, and is launching a squeeze out process to acquire all remaining shares.
BASF paid Norwegian kroner (NKr) 13.50 (€1.82, $2.46) per share for the company for a total enterprise value of NKr5bn, after raising its offer from NKr12.50 per share in the face of shareholder opposition to the earlier offer.
The new offer does not apply to shares held by majority owner Herkules Capital, meaning holders of only 50% of the company’s share capital are entitled to the improved price.
Pronova is to be integrated into BASF’s nutrition and health division, and is to become a core part of the company’s omega-3 business.
($1 = €0.74, €1 = NKr7.43, $1 = NKr5.48)
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