Novartis to buy Alcon

Novartis AG said Monday it plans to take over Alcon Inc by paying $38.5 billion for the 77 percent stake it does not already own in a deal that would make it one of the biggest players in the global market for eye-care products. The Swiss pharmaceutical company will purchase Nestle SA's 52 percent stake for $28 billion, or $180 per share, before carrying out a merger with Alcon that would give it control of the remaining 23 percent held by minority shareholders. The Basel-based drug maker had already purchased 25 percent of Alcon from Nestle in April 2008 for $11 billion, with the option of buying the food and drinks company's remaining stake at a later date.