Novartis shareholders have approved the proposed spin-off of its Alcon eye care division, following endorsement from the Novartis board of directors.
The spin-off is expected to be completed in the second quarter of 2019 and will see Alcon operate as a standalone company. However, its completion is subject to conditions, such as the receipt of necessary authorisations.
The change will be implemented through the distribution of a dividend-in-kind of new Alcon shares to Novartis shareholders and American Depositary Receipt holders.
General manager at Alcon UK and Ireland, Chantelle Cook, said: “If the spin-off takes place, Alcon will be the world’s leading global eye care device company. We expect the spin-off will take place in the second quarter of 2019, possibly as early as April.”
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