HUENENBERG, Switzerland—Alcon (NYSE: ACL) said this week it will hold a meeting of its shareholders on Aug. 16 in Zug, Switzerland, to vote on the conditional election of five directors nominated by Novartis (NYSE: NVS). Those directors, if elected, would replace Alcon directors nominated by Nestle "if and when Novartis acquires Nestle's remaining shares of Alcon," an Alcon announcement said.

That Aug. 16 election would become effective only upon consummation of Novartis' acquisition of all of Alcon's common shares now owned by Nestle.
The Aug. 16 election will satisfy a condition in the original purchase and option agreement between Nestle and Novartis, signed in April 2008.