German chemicals giant expects to close deal shortly
BASF says the extended offer period for its voluntary cash offer to shareholders of Norwegian firm Pronova BioPharma, which ended on 18 January, saw 97.7% of all Pronova shares voluntarily tendered to BASF. Based on all outstanding shares, the deal would value Pronova at approximately €684m.
BASF says all regulatory approvals required for completion of the voluntary offer have been obtained. The next step will be the settlement of the offer within the next 14 days. The German chemicals giant is setting up a compulsory acquisition process to acquire the remaining shares after closing. BASF expects to finalise the transaction shortly.
‘We thank all Pronova shareholders that have been supportive of our offer. We firmly believe that it represents the full and fair value for all shareholders, while providing the best strategic option for the further development of Pronova’s business,’ 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.
The acquisition will place BASF as market leader for omega-3 fatty acids, which are used to treat cardiovascular diseases such as post-myocardial infarction.
‘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,’ added Heinz.
BASF says a detailed integration plan will be developed in a discovery phase after closing.