Nestlé completes sale of Alcon to Novartis
(Thomson Reuters ONE) -
Nestlé S.A. / Nestlé completes sale of Alcon to Novartis processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Vevey, 26 August 2010 - Nestlé yesterday completed the sale of its remaining
shares in Alcon to Novartis, representing around 52% of Alcon's share capital,
for USD 28.3 billion.
Nestlé acquired Alcon in 1977 for USD 280 million. Over the years, Nestlé
supported Alcon's R&D drive and international expansion, enabling the company to
build a significant global leadership position in the eye care business. Taking
into account the three steps of the gradual divestment of Alcon - the initial
IPO of 23.25% in 2002, the sale of 24.8% in 2008 and the sale of Nestlé's
remaining Alcon shares to Novartis completed yesterday - Nestlé has realised USD
41 billion, thereby achieving full and fair value for its shareholders.
As an immediate result, Nestlé will substantially reduce its net debt position,
which stood at CHF 29.6 billion at the end of June 2010. The Group will continue
to capture opportunities to accelerate its development in core areas where its
competences can be better leveraged and, through responsible capital management,
maintain its AA rating - the gold standard credit quality in the industry -
while providing a competitive return to its shareholders.
Nestlé Chairman Peter Brabeck-Letmathe: "Over the years Nestlé's financial and
operational support has allowed Alcon's management to focus on its fantastic
development from a minor player to global leadership in ophthalmology. I would
like to thank the past and present managements of both Alcon and Nestlé for
their work in building such a successful business."
Nestlé CEO Paul Bulcke: "I am happy to be part of this successful creation of
shareholder value by Nestlé. This divestment of our interest in Alcon will
enable our management to concentrate on accelerating Nestlé's transformation as
the world's leading nutrition, health and wellness company and delivering on our
promise of Good Food, Good Life."
Contacts
Media Robin Tickle Tel.: +41 (0)21 924 22 00
Investors Roddy Child-Villiers Tel.: +41 (0)21 924 36 22
[HUG#1440293]
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Datum: 26.08.2010 - 07:02 Uhr
Sprache: Deutsch
News-ID 40047
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