BASF Completes Acquisition of Pronova BioPharma
BASF has completed the acquisition of Pronova BioPharma ASA, Lysaker, Norway, which closed yesterday with the payment of the offer price to Pronova shareholders. At the same time, the tendered shares were transferred to BASF. The company now holds 98.19% of Pronova.
1 Feb 2013 --- In accordance with the Norwegian Public Limited Liability Companies Act section 4-25 and the Securities Trading Act section 6-22, BASF is setting up a compulsory acquisition process (squeeze out) in order to acquire the remaining shares belonging to minority shareholders of Pronova . BASF AS is offering NOK 13.50 per share as the offer price, which is equal to the offer price in the voluntary offer made by BASF. BASF reported that they expect the squeeze out to be implemented within the next days.
BASF will fully integrate Pronova into its Nutrition & Health division and Pronova will become a key part of BASF’s omega-3-business.
Last week it BASF noted that all regulatory approvals required for completion of the voluntary offer have been obtained.
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.
With the acquisition of Pronova, BASF will achieve a leading position in the global market for omega-3 fatty acids. Pronova will become a key part of BASF’s omega-3-business. “We aim to combine Pronova’s strong expertise and good position in the market for omega-3 fatty acids with BASF’s worldwide market presence and technical know-how. We are looking forward to working closely with Pronova’s employees in order to form the best team,” 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. A detailed integration plan will be developed in a discovery phase after closing.
