Novartis AG and Nestlé S.A. have completed the purchase and sale of approximately 156 million shares of Alcon, Inc. for $28.3 billion in cash. Novartis is now Alcon’s majority shareholder, controlling approximately 77% of Alcon’s shares. Novartis is still working to acquire the rest of the company’s shares. The five Nestlé members of the Alcon board of directors have resigned and the August 16, 2010 election of the five Novartis-designated directors is in effect.

“I would like to thank Nestlé for their outstanding contributions and support of Alcon for more than 30 years, which has been an important part of making Alcon the global leader in ophthalmology,” said Kevin Buehler, Alcon’s president and chief executive officer. “We now welcome Novartis as our new majority owner and look forward to working with them to further enhance Alcon’s business model, provide opportunities for future growth and deliver benefits to customers and patients around the world.”

“While Novartis is now our majority owner, Alcon remains an independent, publicly-listed company, and it is important to maintain good corporate governance around related-party transactions,” added Mr. Buehler. “Alcon will continue to abide by the Organizational Regulations, which require the IDC to review and approve all related-party transactions, including the Novartis proposed merger.”