Alcon ‘to repurchase up to 1m shares’

Alcon has announced plans to repurchase up to one million of its common shares by the end of the current calender year.

The pharmacy supplier said it will purchase these shares from the public as part of its strategy to cover its employee equity compensation plans.

It noted that neither Nestle nor Novartis would participate in the repurchase programme.

“Alcon has approximately 70 million shares that are publicly traded out of total outstanding shares of approximately 300 million,” the company said.

It added that it has been engaged in similar share repurchases since the firm went public in 2002, but had suspended share repurchases under its prior plans as a result of the anticipated share purchase and sale between Nestle and Novartis.

In July 2008, Novartis completed the acquisition of a 25 per cent stake in Alcon from Nestle, which it described as its first step towards majority ownership of the company.