Sandoz Family sells quarter of stake in Novartis
The Sandoz Family Foundation of Switzerland, has raised nearly $903million through the sale of around a quarter of its share-holding in Novartis. The company, formed through the merger of Sandoz and Ciba-Geigy in 1996 and headed by Pierre Landolt, have long been the largest shareholder in the Swiss company.
The deal was led by Credit Suisse First Boston and UBS Warburg, with the former confirming that it had placed 23 million shares of Novartis at 43.96 euros per share. A spokesman for the Foundation said "the sale doesn't mean we intend a sellout of Novartis shares. We still have full confidence in Novartis."
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