GENEVA (AP) – Swiss pharmaceutical company Novartis AG says its shareholders have given final approval for the takeover of U.S. eyecare company Alcon Inc.

Novartis said that shareholders followed the board’s recommendation to approve the last step of the $51 billion deal.

Alcon shareholders on Thursday also approved the sale.

Novartis chief executive Joseph Jimenez says the company expects its newly bolstered eye-care division to have annual revenues of $9 billion.

It previously said the takeover would also produce annual cost savings of $300 million.

Date: April 8, 2011
Source: Associated Press