BASF to Pay $654 Million for Pronova to Be Leader in Omega-3

BASF SE, the world’s largest chemicals company, agreed to buy Pronova BioPharma ASA for 3.76 billion kroner ($654 million) to gain a leading position in Omega-3 fatty acids used in drugs and health foods.

BASF is offering 12.50 kroner in cash for each share of Lysaker, Norway-based Pronova, the German company said today. The bid is 4.2 percent higher than yesterday’s close. Pronova rose 4.6 percent to 12.55 kroner at 10:56 a.m. in Oslo. Including debt, the Ludwigshafen-based chemical maker’s deal values Pronova at 4.85 billion kroner.