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Nestlé proceeds toward IPO for Alcon

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VEVEY, Switzerland — Nestlé executives are continuing to explore an initial public offering of a minority stake in Alcon, as originally announced in October.

Late last week Alcon filed a registration statement with the U.S. Securities and Exchange Commission with respect to an initial public offering of newly issued Alcon common shares. Those shares will represent about 25% of Alcon's common shares, including an over-allotment option to be granted to the underwriters. Nestlé expects this offering to be completed at the end of the first quarter of 2002, and Alcon has applied to list its common shares on the New York Stock Exchange under the ticker symbol "ACL."

Financial analysts have estimated that the initial public offering price will be between $31 and $35 per common share, according to a company statement.

Company executives say Alcon plans to use the proceeds from the offering to redeem shares of nonvoting preferred stock of Alcon currently owned by Nestlé and to repay short-term debt.