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Novartis completes first step of Alcon buy

ZURICH
Tue Jul 8, 2008 1:50am EDT

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ZURICH (Reuters) - Novartis AG (NOVN.VX) has completed the acquisition of a 25 percent stake in eye care company Alcon Inc (ACL.N) for about $10.4 billion in cash, the Swiss drugmaker said on Tuesday.

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It is the first step in Novartis's agreement to acquire a majority stake in Alcon from Nestle SA (NESN.VX) and the price is about $200 million less than previously announced, due to a dividend payment, Novartis said in a statement.

Novartis has the right to buy, and Nestle to sell, a further 52 percent stake in Alcon for a price of not more than $28 billion.

(Reporting by Sam Cage)
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