Expanding its omega-3 business in the Nutrition & Health division
BASF has completed the acquisition of Pronova BioPharma, a Norwegian specialst in the production of omega-3 fatty acids, which are used to treat cardiovascular diseases.
The transaction closed with the payment of the offer price of NOK13.50 per share to Pronova shareholders, valuing Pronova at approximately €684m. At the same time, the tendered shares were transferred to BASF, which now holds 98.19% of Pronova.
BASF is setting up a compulsory acquisition process (squeeze out) to acquire the remaining shares belonging to Pronova’s minority shareholders.
The German chemicals giant will integrate Pronova into its Nutrition & Health division, where it will become a key part of BASF’s omega-3 business.