Novartis Hasn't Ruled out Keeping its 77% Alcon Stake

Swiss drugmaker Novartis  has not ruled out sticking with its 77% stake in U.S.-listed eyecare group Alcon, Novartis Chief Executive Joe Jimenez was quoted as saying on Tuesday.

"The intention is to have 100%. But Nestle owned 77%, and the company was run very successfully for many years, so we have not ruled that out," Jimenez said in an interview with the Financial Times published a day ahead of Novartis' investor day on Wednesday.

Novartis, which completed its buy of the 77% stake from Nestle earlier this year, is offering Alcon minority shareholders 2.8 Novartis shares for each Alcon share, an offer Alcon's Independent Director Committee has repeatedly rebuffed as too low.

Novartis has said it could use Swiss merger law to help it push through the deal.