Pronova, BASF deal

Chemicals company BASF will acquire Pronova for NOK12.50 per share in cash, or about NOK3.8 billion ($662.5 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 ($853.7 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 and 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. ...