Nestle Sells 25% Stake Of Alcon To Novartis

The deal was worth $10.4bn in cash, about $200m less than the figure stated in April when the transaction was first revealed. Novartis said the lower amount reflects a dividend paid to Nestle in May for the Alcon shares.

 Novartis has acquired a 25% stake in
Nestle's Alcon Inc. eye-care unit, its first step of a transaction
aimed at giving the drugmaker majority ownership.
Novartis has agreed to buy 77% of the world's biggest
eye-care company, and has rights to acquire to sell the remaining 52%
stake between January 2010 and July 2011 for not more than $28bn. The
acquisition is aimed at reducing Novartis's reliance on
pharmaceuticals.
Nestle said separately that it sold 74 million
Alcon shares at $143.1783 a share and that there is no capital gains
tax impact. The proceeds of the transaction will be used to reduce
debt as Nestle continues its share buyback.