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Nestle SA (NSTR)

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Tuesday 08 July, 2008

Nestle SA

Disposal

RNS Number : 5366Y
Nestle SA
08 July 2008
 



Nestlé completes sale of 24.8% of Alcon to Novartis


Vevey, 8 July 2008 - As a result of the conclusion of the regulatory process, Nestlé completed its sale of 24.8% of Alcon's issued and outstanding capital to Novartis on 7 July 2008. The cash transaction concerns 74 million Alcon shares at USD 143.1783 per share, with an aggregate value of USD 10.4 billion after dividend adjustment. There is no capital gains tax impact on Nestlé. Nestlé retains close to 52% of Alcon's issued and outstanding capital and continues to fully consolidate Alcon. 


The proceeds of the transaction will be used to reduce debt as Nestlé pursues its on-going share buy-back programme. Furthermore, as already announced on 7 April 2008, Nestlé has a put option and Novartis a call option exercisable in the period from January 2010 to July 2011 on the remaining Alcon shares owned by Nestlé.


Contacts    


Media          Robin Tickle                  Tel.: +41 (0)21 924 22 00

Investors      Roddy Child-Villiers       Tel.: +41 (0)21 924 36 22



This information is provided by RNS
The company news service from the London Stock Exchange
 
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