Novartis wraps first phase of Alcon buyout

Novartis completed the first stage of its $38 billion takeover of the U.S. eye care company Alcon, paying Nestle $10.4 billion in cash for a 25 percent stake in the company, some $200 million less than the originally announced price. Novartis retains exclusive rights to buy Nestle's remaining 52 percent share. Report