Nestlé sells Alcon to Novartis

VEVEY, SWITZERLAND: Nestlé is understood to be eyeing up L'Oréal as it ramps up its acquisition programme following its decision to sell its stake in eye-care business Alcon to Novartis in a deal worth as much as $39bn (£20bn). Nestlé has been transforming itself into a nutrition, health and wellness company for the past two years and analysts have tipped French cosmetics giant L'Oréal as a potential purchase. Proceeds from the Alcon sale would be used to reduce debt and "support opportunities for profitable growth in line with the group's nutrition, health and wellness orientation", said chairman and CEO Peter Brabeck-Letmathe.