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Novartis to acquire piece of Nestle’s Alcon

This article was originally published in The Tan Sheet

Executive Summary

Nestle will sell 74 million shares of its Alcon eye-care product firm to Novartis for $143.18 per share, the Swiss firms announce April 7. After the deal closes, Novartis will own approximately 25 percent of Alcon's outstanding shares, leaving Nestle as Alcon's majority shareholder with 52 percent of outstanding shares, Novartis says. The agreement also grants Novartis a call option to buy Nestle's remaining shares at $181 per share, according to the firms. Additionally, Nestle will have a put option to sell its remaining Alcon shares at "the lower of Novartis' call price of $181 per share" or "20.5 percent premium above the market price of Alcon shares," which will be calculated based on the average share price of Alcon during the week before the put option. Alcon's consumer products include the OPTI-FREE contact lens solution brand and Systane eye lubricating drops; the firm posted $5.6 billion in sales in 2007...
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