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Nestle Completes Alcon Share Sale To Novartis For $28.3 Billion (NVS,ACL,NSRGY)Aug 26, 2010 (SmarTrend News Watch via COMTEX) -- 8/25/2010-Nestle (PINK:NSRGY) completed is sale of its remaining shares in Alcon (NYSE:ACL) to Novartis (NYSE:NVS) for $28.3 billion in cash. Novartis is now Alcon's majority shareholder, controlling approximately 77% of Alcon's outstanding shares. "I would like to thank Nestle for their outstanding contributions and support of Alcon for more than 30 years, which has been an important part of making Alcon the global leader in ophthalmology," said Kevin Buehler, Alcon's president and chief executive officer. "We now welcome Novartis as our new majority owner and look forward to working with them to further enhance Alcon's business model, provide opportunities for future growth and deliver benefits to customers and patients around the world." On the 4th of January, 2010, Novartis proposed a merger of the two companies under Swiss merger law at a fixed exchange rate of 2.8 NVS shares for each share of ACL which has a current value of approximately US$142. "While Novartis is now our majority owner, Alcon remains an independent, publicly-listed company, and it is important to maintain good corporate governance around related-party transactions," added Buehler. "Alcon will continue to abide by the Organizational Regulations, which require the IDC to review and approve all related-party transactions, including the Novartis proposed merger." SmarTrend is bullish on shares of Alcon and our subscribers were alerted to buy on June 10, 2010 at $144.86. The stock has risen 10.7% since the alert was issued. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.TradeTheTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.TradeTheTrend.com/signup [ Back To TMCnet.com's Homepage ] |