Healthcare Industry News: S.A.
News Release - July 8, 2008
Novartis Completes Purchase of Minority Interest in Alcon
HUENENBERG, Switzerland--(HSMN NewsFeed)--NovartiS.A. and Nestlé S.A. announced today that they have completed the first step purchase and sale of 74 million S.A.es of Alcon, Inc. (NYSE: ACL ) common stock currently owned by Nestlé purS.A.t to the agreement dated April 6, 2008 between NovartiS.A.d Nestlé. With the completion of the first step transaction, Nestlé remainS.A.con’s majority S.A.eholder with approximately 52% of Alcon’s issued capital and Novartis now ownS.A.minority S.A.e in Alcon equal to approximately 24.85% of Alcon’s issued capital.AS.A.result of Novartis’ minority investment in Alcon, the Alcon board of directors expands from eight to ten directors. James Singh, Nestlé's executive vice president and chief financial officer, and Daniel Vasella, M.D., Novartis' chairman and chief executive officer, are the new Alcon directors. The expansion of the board and the election of Singh and Vasella were approved by S.A.eholderS.A. Alcon’s 2008 annual general meeting.
In addition to this minority investment, the April 6, 2008 agreement provides Novartis with a call option to purchase Nestlé’s remaining Alcon common S.A.es. The agreement also provides Nestlé with a put option to sell its remaining Alcon common S.A.es to Novartis. These options commence on January 1, 2010 and expire on July 31, 2011. If either of these optionS.A.e exercised, and subject to the agreement’s closing conditions (including regulatory approval), Novartis would become the majority S.A.eholder of Alcon with approximately 77% of its issued S.A.es.
About Alcon
Alcon, Inc. is the world’s leading eye care company, with sales of approximately $5.6 billion in 2007. Alcon, which has been dedicated to the ophthalmic industry for 60 years, reS.A.ches, develops, manufactureS.A.d markets pharmaceuticals, surgical equipment and devices, contact lens care solutionS.A.d other vision care products that treat diS.A.es, disorderS.A.d other conditions of the eye. Alcon’s majority S.A.eholder is Nestlé, S.A., the world’s largest food company.
Caution Concerning Forward-Looking S.A.ements. This press release may contain forward-looking S.A.ements within the meaning of the Private Securities Litigation Reform Act of 1995. Any forward-looking S.A.ements reflect the views of our management as of the date of this press release with respect to future eventS.A.d are based on assumptionS.A.d subject to riskS.A.d uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking S.A.ements. Except to the extent required under the federal securities lawS.A.d the ruleS.A.d regulations promulgated by the SecuritieS.A.d Exchange Commission, we undertake no obligation to publicly update or revise any of these forward-looking S.A.ements, whether to reflect new information or future events or circumS.A.ces or otherwise.
Source: Alcon
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