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04-12-2011: Novartis announced that it completed the merger of Alcon, Inc. into Novartis. The completion of the merger follows the Novartis shareholders' approval of the merger, as well as the proposed capital increase at the company's Extraordinary Shareholder Meeting today and the subsequent entry of the merger into the commercial registry.
The number of Novartis shares required in connection with the merger are 165 million shares instead of the initially expected 215 million shares. The amount of shares required for the merger was reduced through the purchase of 16.1 million Alcon shares in the open market since the announcement of the merger agreement in December 2010.
The 165 million shares are composed of 108 million newly issued shares from the authorized capital increase approved by the Novartis Board of Directors today and 57 million shares already held as treasury shares. Under the terms of the agreement, Alcon shareholders will receive 2.9228 Novartis shares (which includes the dividend adjustment) and USD 8.20 in cash for each share of Alcon, for a total consideration of USD 168 per share.
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