Nestlé has concluded the $28bn sale of its majority stake in eyecare business Alcon to Novartis.
The Swiss manufacturer today said Novartis had exercised its option to complete a full takeover of the business as agreed in 2008, when Nestlé sold it a 25% stake for $11bn.
“This divestment of our interest in Alcon will enable our management to concentrate on accelerating the development of Nestlé’s position as the world’s leading nutrition, health and wellness company,” said Nestlé chief executive Paul Bulcke.
The deal, which remains subject to regulatory approval, was announced as Nestlé revealed plans for a share buy-back scheme worth a further CHF10bn (£5.98bn).
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