* Offers NOK 13.5 vs NOK 12.5
* Deadline remains Friday
* Share jumps, trades just below offer price
(Adds details, share price)
OSLO, Jan 15 Germany's BASF lifted
its offer for Norwegian fish oils maker Pronova on
Tuesday after its initial offer failed to attract enough
BASF lifted the bid to 13.50 crowns per share, valuing the
firm at $737 million after its 12.5 crowns offer got acceptances
from just 69.7 percent, below its 90 percent threshold, Pronova
said in a statement.
BASF wants to boost its nutrition business and capitalise on
the Norwegian firm's expertise in the extraction of omega-3
fatty acids from fish oil for use in drugs and food supplements.
Pronova shares jumped on the new offer but traded just below
the 13.50 crown offer price, indicating that the new bid has a
much better chance of succeeding.
Shareholders had been lukewarm about the initial offer,
saying it undervalued the firm and offered just a modest 4
percent premium compared to the stock's last close before the
Two shareholders, Odin Forvaltning and Handelsbanken Asset
Management, who hold about 5 percent of Pronova had already
rejected the offer.
Pronova, in addition to previous acquisitions of consumer
product groups Cognis and Equateq, would help BASF cover the
entire omega-3 range from food-grade to highly concentrated
versions for drugs in a market where its competitors include DSM
Shareholders have until 1530 GMT on Friday to accept the
($1 = 5.5103 Norwegian krones)
(Reporting by Balazs Koranyi and Ludwig Burger; Editing by Greg