BASF has extended the bid period for its €650m offer to buy high-dose omega-3 specialist Pronova BioPharma, after only 67.2% of the Norwegian firm’s shareholders agreed to sell their stakes.
The German giant has notified the Oslo Stock Exchange as required by the Norwegian Securities Trading Act, and given the remaining shareholders until January 18, 2013, to accept its offer of 12.5 Norwegian kronas (€1.69) per share.
It needs 90% of Pronova’s share holdings to complete the transaction, and said it would not extend beyond January 18.
“We thank all Pronova shareholders that have been and will be supportive of our offer,” said Michael Heinz, member of the board of executive directors and nutrition and health division.
“With the chances but also the risks for the business of Pronova in mind, we firmly believe that our offer does provide full and fair value for all shareholders. We will maintain our disciplined financial approach to acquisitions.”
The Pronova board has backed the bid which BASF said it still expects to close in Q1 2013 to add it to recent buys like Cognis (2011) and Equateq (May this year).
DSM closes Fortitech deal
Royal DSM completed its €495 million buy-out of New York-based blend specialist Fortitech, a move designed to strengthen its Human Nutrition and Health division.
“We are expanding our value chain presence and will be able to deliver more value to our customers,” said Leendert Staal, president and CEO of DSM Nutritional Products.
“… Our attention is now fully focused on ensuring a smooth integration of the Fortitech business in a timely and efficient manner, with business continuity and customer satisfaction as key priorities for us while we welcome Fortitech's 520 employees to DSM."
The buy boosts DSM’s range with access to flavours, sweeteners, botanical extracts, caffeine, seasonings, proteins, sweeteners and enzymes, with only vitamins and carotenoids being areas of significant overlap.
DSM Nutrition has spent €2.4bn on acquisitions in the past two years. Other buys include Martek, Ocean Nutrition Canada and Vitatene.