Action taken on Alcon price

Minority shareholders of Alcon have filed a class-action lawsuit in the US District Court in New York to prevent Novartis from completing a $39bn takeover of the company.

Novartis, which purchased 25 per cent of Alcon from Nestlé in April 2008 for $11bn, announced recently it would buy Nestlé's 52 per cent stake for $28bn before a merger.

The lawsuit was in response to the minority shareholders, 23 per cent of the firm, believing they were being 'squeezed out at an unfair price' with the offer of $153 per share.

per share, less than the $180 per share Novartis agreed for Nestle's remaining stake.