Regulators at the European Union (EU) yesterday (9 August 2010) approved Novartis’ (NYSE: NVS) plan to acquire an additional 52 percent stake in Alcon (NYSE: ACL).
This is in addition to the 25 percent interest in Alcon that Novartis already owns.
Novartis will now own just over three quarters of the company (77 per cent).
ovartis will buy the additional 52 percent of Alcon from current owner Nestle with the approval and the subsequent stock acquisition expected to make it easier for Novartis to take full control of Switzerland-based Alcon.
Novartis will now own just over three quarters of the company (77 per cent)
The acquisition is contingent on Novartis agreeing to sell off several of its products in the ophthalmologic pharmaceutical and consumer eye care sectors within the European Union.
The European Commission issued a statement saying: “In light of those commitments, the Commission concluded that the transaction would not significantly impede effective competition in the European economic area or any substantial part of it”.