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Pronova Investor Nykredit Agrees to Sell Shares to BASF

Pronova BioPharma ASA (PRON) shareholder Nykredit Asset Management will tender its shares to BASF SE (BAS), even though the offered price isn’t as much as it had wanted, said chief portfolio manager Rolf Solgard.

“I don’t like the price but we are going to accept it,” Solgard said by telephone today. “BASF already has 70 percent. It’s not worth the risk of holding onto the shares.” Nykredit owns about 1 percent of Pronova.

BASF two days ago boosted its offer for Norwegian drug- ingredient maker Pronova by 8 percent to win support from investors holding out for more money. The increased offer, at 13.50 kroner per share, values Pronova at almost 5 billion kroner ($900 million), including debt. BASF is seeking 90 percent to gain full control.

Investors that held as much as 20 percent of the Lysaker- based Pronova were disgruntled with the original offer of 12.50 kroner, according to Alexandra Morris, a fund manager at Odin Forvaltning AS, which holds a 4.7 percent stake.

There is a risk that the main shareholder Herkules Private Equity, which holds about 50 percent of Pronova, is willing to sell in the open market should the deal with BASF not go through, Solgard said today.

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at smatthews6@bloomberg.net

To contact the editor responsible for this story: Simon Thiel at sthiel1@bloomberg.net

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