Nestlé has completed its sale of 24.8% of Alcon's issued and outstanding capital to Novartis following the conclusion of the regulatory process.

The cash transaction concerns 74 million Alcon shares at US$143 per share, with an aggregate value of $10.4bn after dividend adjustment.

The sale will have no capital gains tax impact on Nestlé which retains close to 52% of Alcon's issued and outstanding capital and continues to fully consolidate Alcon.

The proceeds of the transaction will be used to reduce debt as Nestlé pursues its on-going share buy-back programme.

As announced on 7 April, Nestlé has a put option and Novartis a call option exercisable in the period from January 2010 to July 2011 on the remaining Alcon shares owned by Nestlé.