BASF to acquire Pronova

Chemicals company BASF AG (Xetra:BAS; LSE:BFA) will acquire Pronova Biopharma ASA (OSE:PRON) for NOK12.50 per share in cash, or about NOK3.8 billion ($651.6 million). The price is a 4% premium to Pronova's close of NOK12 on Nov. 20, before the deal was announced. BASF said that including net debt the deal values Pronova at NOK4.8 billion ($839.6 million). The deal gives BASF access to Pronova's omega-3 fatty acid products, including hypertriglyceridemia drug Omacor. BASF said it plans to integrate Pronova into its nutrition & health division. Pronova's board unanimously recommended that shareholders accept the deal. The companies said Pronova shareholders with a combined stake of about 60% have indicated their intent to accept the offer. Morgan Stanley is advising Pronova. On Monday, Pronova was off NOK0.05 to NOK12.45. ...