Specialty chemicals manufacturer BASF has offered to acquire Pronova BioPharma, which manufactures omega-3 fatty acids.
As part of the acquisition plan, BASF has signed an agreement with Pronova to suggest voluntary public takeover offer to its shareholders as well as to pay NOK 12.50 ($2) in cash for each Pronova share.
The offer has received unanimous approval from the Pronova board of directors and the management.
In addition, BASF has also received irrevocable pre-acceptance commitments for nearly 60% of Pronova's share capital, including the 50.0% stake held by Herkules Private Equity Fund and Herkules Private Equity, 9.1% stake indirectly controlled by Kistefos and Kistefos Investment and 0.3% held by members of the board of directors and management of Pronova.
BASF board of executive directors member Michael Heinz said the intended acquisition will strengthen its position in growing market for omega-3 fatty acids.
''We want to combine the global market reach and experience of BASF with the know-how of Pronova in omega-3 fatty acids," Heinz added.
The acquisition offer, which will be made by BASF's subsidiary in Norway, will be financed using available resources of BASF.
