Novartis shareholders today agreed to the Board of Directors’ recommendations for all proposed resolutions at the Group’s Annual General Meeting. A total of 1,991 shareholders were present at the meeting held in Basel, representing approximately 65.6% of the issued shares of Novartis. Novartis shareholders approved the proposed 100% spin-off of the Alcon eye care division, as previously endorsed by the Novartis Board of Directors. In addition to shareholder approval, completion of the spin-off remains subject to certain conditions precedent, such as no material adverse events, receipt of necessary authorizations . The spin-off is expected to be completed in the second quarter of 2019. The spin-off will be implemented through the distribution of a dividend-in-kind of new Alcon shares to Novartis shareholders and ADR holders. The distribution is expected to be tax neutral on a US and Swiss income tax basis. Shareholders will receive the following: For every 5 Novartis shares: 1 Alcon Share, For every 5 Novartis ADRs: 1 Alcon Share.
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