Deals
Vasella's Persistence Pays Off for Novartis
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Novartis AG Chief Executive Officer Daniel Vasella spent years persuading fellow Swiss company Nestle SA to part with Alcon Inc. for the eye-care business's higher growth rate. His persistence has paid off.
Novartis (NVS) this week announced a plan to acquire the 75 percent of Alcon (ACL) that it doesn't own for $38.3 billion. The drugmaker will purchase Nestle's 52 percent stake, and offered to buy out the minority shareholders who own the rest. Vasella said in a Jan. 4 telephone interview that he persevered "off and on for several years" before Nestle Chairman Peter Brabeck- Letmathe agreed to the deal.