BASF Shares Details of Its Takeover Bid for Pronova BioPharma
In November, BASF made a $653.6 million cash offer to Pronova.
BASF (Ludwigshafen, Germany) is sharing details of its offer to acquire omega-3 ingredients specialist Pronova BioPharma, (Lysaker, Norway) in a document to Pronova’s shareholders. The document follows approval for the deal from the Oslo Stock Exchange.
In November, BASF made a $653.6 million cash offer to Pronova. Pronova’s omega-3 ingredients are largely supplied to the pharmaceutical market for cardiovascular diseases.
“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 SE. “We want to combine the global market reach and experience of BASF with the know-how of Pronova in omega-3 fatty acids.”
BASF’s Nutrition & Health division already has its own omega-3 ingredient portfolio, including its branded Omevital ingredient. “With the acquisition of Pronova, BASF will immediately achieve a leading position in the global market for omega-3 fatty acids,” the firm stated in November press release.
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