Novartis granted clearance to acquire 52.15% share

Novartis granted clearance to acquire 52.15% shareholding in Alcon

The Commerce Commission has granted clearance for Novartis AG to acquire Nestlé S.A.’s 52.15 per cent shareholding in Alcon, Inc.

The Commission considered the impact of the acquisition on four eye care product markets in New Zealand where aggregation would occur.

Commerce Commission Chair Dr Mark Berry said the Commission considers that strong existing competition from global pharmaceutical companies would be likely to provide competitive constraint in the four eye care markets and therefore the Commission is satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in any of the affected markets.

A public version of the written reasons for the decision will be available today at www.comcom.govt.nz/clearances-register

Background

The Novartis Group is a large group of healthcare companies operating globally. It supplies a range of both prescription and non-prescription medicines, vaccines, consumer healthcare products and animal health products. In New Zealand, Novartis operates through Novartis New Zealand Limited, CIBA Vision and Novartis Consumer Health.

Alcon is a global medical company specialising in eye care. Alcon operates in New Zealand through Alcon New Zealand Ltd.

ENDS

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