BASF succeeds in taking over Norway's Pronova

BASF, the world's biggest chemicals maker, announced on Monday the success of its takeover of Norwegian drugmaker Pronova BioPharma, with nearly 98 percent of shareholders accepting the group's cash offer.

BASF said in a statement that 97.7 percent of Pronova's shareholders had agreed to hand in their shares for a price of 13.50 kroner (1.85 euros, $2.46) each.

With a total 293.9 million shares surrendered, that valued the Norwegian specialist in omega-3 fatty acids at 4.996 billion kroner or 684 million euros in total, including all outstanding shares and liabilities, the statement said.

BASF said it would now embark on a so-called "squeeze out" to buy the remaining shares, with the transaction expected to be finalised "within the next weeks."

BASF board member Michael Heinz said that the acquisition "will strengthen BASF's and Pronova's position in the market for omega-3 fatty acids.

"We aim to combine Pronova's strong expertise and good position in the market for omega-3 fatty acids with BASF's worldwide market presence and technical know-how," he said.

Omega-3 fatty acids are believed to help cognitive development and heart health.