BASF To Buy Pronova Biopharma
BERLIN (AP) -- 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 ($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.
The German company says it expects the deal, which is subject to antitrust approval, to close in the first quarter of next year.