BASF ups Pronova bid

BASF has increased its offer for Norwegian firm Pronova BioPharma, which specialises in omega-3 fatty acids, from €664 million (£530 million) to €684 million in an attempt to win over reluctant shareholders.

The company made its initial offer in November 2012 with the support of the board and shareholders representing 60% of the company, including private equity fund Herkules, which owns a 50% stake.

Since then, the bid has been accepted by investors owning 70% of the issued shares. The new offer lasts until 18 January and will not be extended, BASF says.

Pronova makes active pharmaceutical ingredients based on omega-3 fatty acids that are used to treat cardiovascular conditions. It also makes dietary supplements. It employs 300 people and makes annual sales of about NOK1.7 billion (£180 million).

BASF strengthened its position in this growing market in May 2012 when it bought UK firm Equateq.