Alcon confirms conditional appointment of directors
17 August 2010 00:00 in Pharmaceutical Company Restructures
Alcon has voted to conditionally appoint a number of new members to its board of directors ahead of an expected move to purchase shares in the company.
During an extraordinary general meeting, Alcon shareholders agreed to conditionally elect five directors designated by pharmaceutical company Novartis, which is looking to buy all common shares in Alcon that are currently owned by Nestle.
Norman Walker and Dr Enrico Vanni will join the board until 2011 should their election be confirmed, while Dr Paul Choffat, Dr Jacques Seydoux and Dr Urs Baerlocher would become members until 2013.
These appointments will take effect only on condition that Novartis' move to acquire the Nestle shares in Alcon goes through.
Last month, Alcon published its financial results for the second quarter of 2010, reporting a year-on-year earnings per share increase of 14.4 per cent.
The company stated that this performance exceeded its expectations and is illustrative of the strength of its long-term business model.
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