Re: NVS/Alcon
I don't think there was a strategic miscalculation by NVS, i.e. Alcon's eye-care business was—and continues to be—a strong ‘TGDT’ beneficiary. However, NVS grossly overpaid to acquire Alcon from Swiss compatriot, Nestlé in a complex multi-step transaction. (I'm on record for posting this opinion contemporaneously.)
Nestlé apparently exploited the desire of NVS' Dan Vasella to build an empire. The Alcon transaction was one reason Vasella eventually left NVS under a cloud, despite his having been a central figure in the formation of the company in the 1990s.
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