BASF completes acquisition Pronova BioPharma

BASF completes acquisition of Pronova BioPharma

11:33 AM, 31st January 2013
BASF completes acquisition of Pronova BioPharma

LUDWIGSHAFEN, GERMANY: BASF has completed the acquisition of Pronova BioPharma ASA, Lysaker, Norway, which closed on 31 January 2013 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 per cent of Pronova. BASF will fully integrate Pronova into its Nutrition & Health division and Pronova will become a key part of BASF’s omega-3-business.

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 ($2.46) per share as the offer price, which is equal to the offer price in the voluntary offer made by BASF. The squeeze out is expected to be implemented within the next few days.

© WOC News 

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