At a signing ceremony in Zurich on Wednesday (25 August), pharmaceutical giant Novartis finally closed a deal to take over a 77% stake in eyecare company Alcon held by Nestle. Novartis’s quest had started two and a half years ago, and the event marked a big win for the company.
Since setting its sight on Alcon in 2008, about $40bn (£26bn) in cash has changed hands between Novartis and Nestle. Another $11bn (£7bn) is currently on the table in Novartis’s merger bid for a remaining 23% stake held by Alcon’s minority shareholders. If Novartis succeeds at acquiring those remaining shares, as is expected, it is likely to become the largest merger in Swiss history.
