German-based BASF to buy Norway's Pronova BioPharma for US$844 mil.
November 22, 2012, 12:50 pm TWN
BERLIN -- Germany's BASF SE says it plans to buy Pronova BioPharma ASA, a Norway-based supplier of omega-3 fatty acids, in an offer with a total value of nearly 4.85 billion Norwegian kroner (US$844 million).
The German industrial group said Wednesday that Pronova's management and directors support its offer for the company and are recommending that shareholders accept it.
BASF describes Pronova as a pioneer in research, development, and manufacturing of omega-3 fatty acids. It notes that the acids, which are found in oily fish, are a growing market worldwide because of an "increasing consumer awareness" of their health benefits.