Novartis Completes Takeover Of Alcon

Novartis AG NVS completed the $51 billion takeover of Alcon Inc ACL by reaching a deal to purchase the remaining stake in ACL. Novartis will be acquiring the 23% of the remaining minority stake in Alcon for $12.9 billion. NVS will pay $168 per outstanding Alcon share, consisting of share consideration and a contingent cash payment. The $168 per share offer price by NVS is 9% higher than its original offer of $154 per share. The minority shareholders of Alcon rejected the earlier offers of Novartis. Novartis is currently holding a 77% stake in Alcon, which it had purchased from Nestle SA. Novartis chairman Daniel Vasella said, "The full merger is the logical conclusion of our initial strategic investment in Alcon." Vasella added, "With this step Novartis takes full ownership, becoming the global leader in eye care, a rapidly expanding, innovative platform based on the growing needs of an aging population." Novartis is expecting the deal to close on April 1, 2011. Shares of NVS surged 7.11% to $59.80 in pre-market trading, while shares of ACL gained 2.20% to $166.00 in pre-market trading. Read more from Benzinga's Company news.