CORRECTED: Novartis buys remainder of Alcon for 12.9 billion dollars

15th December 2010, Comments 0 comments

Swiss pharma giant Novartis said Wednesday it had acquired the outstanding shares it did not already own in Alcon, the world's biggest eye-care company, for 12.9 billion dollars.

Novartis said that for every Alcon share, shareholders in the US firm would get 2.8 Novartis shares and an additional cash payment, with the total combined value to reach 168 dollars.

If the value of the 2.8 Novartis shares is more than 168 dollars, then the number of shares would be reduced accordingly.

It said the deal means Novartis was now the world leader in the eye-care sector, a key market as the world population ages.

In 2008, Novartis reached a deal to buy Nestle's 77 percent stake in Alcon, committing then to make an offer for the outstanding shares once that accord was completed.

© 2010 AFP

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