The New Year starts with a massive — though widely expected — deal as Novartis (NOVN.VX) says it plans to buy the rest of eye-care group Alcon (ALC.N) for almost $40 billion. The seller is Swiss food group Nestle, which as it happens is sometimes mooted as a rival for Kraft’s (KFT.N) hostile 10 billion pound bid for Cadbury (CBRY.L). The British chocolate maker’s shares nudge up 4 pence to above 800 pence after media reports that Kraft is set to raise its offer. But markets were expecting a higher bid anyway.
For more on these and other deal-related stories from Reuters, click here.
In other media:
National Australia Bank (NAB.AX) is gearing up for a takeover of nationalised British lender Northern Rock (NRKx.L) and has held a “beauty parade” of potential advisers on the deal, British newspaper The Observer reports.
The Samsung Group’s life insurance unit may sell a stake in Samsung Card Co Ltd to retailer Shinsegae Co Ltd to help the parent group unwind a cross-ownership structure, the Korea Economic Daily says.