Alcon repurchases one million shares
Hünenberg, Switzerland-Alcon Inc. said it intends to purchase up to one million common shares by Dec. 31 from the public to cover employee equity compensation plans. Nestlé SA and Novartis AG said they will not participate in the program.
Alcon has approximately 70 million shares that are publicly traded out of total outstanding shares of approximately 300 million, the company said in a prepared statement. Alcon has been engaged in share repurchases to cover employee equity compensation grants since going public in 2002.
Earlier this year, the board suspended share repurchases under all of its prior plans due to the anticipated share purchase and sale between Nestlé and Novartis.
Nestlé currently owns 52% of outstanding common shares and Novartis currently owns just under 25% as a result of that transaction, however, these ownership interest percentages are not expected to change as a result of the this share repurchase plan.