Walgreen won't shift tax domicile abroad as buys Alliance Boots

Reuters News
Posted: Aug 06, 2014 6:10 AM

(Reuters) - U.S. retailer Walgreen Co <WAG.N> will make a full takeover of Europe's biggest pharmacy chain Alliance Boots <ABN.UL>, but won't use the deal to move its tax domicile overseas after fierce criticism of such tax-cutting moves at home.

Walgreen said on Wednesday it would buy the 55 percent it does not already own of Alliance Boots for 3.13 billion pounds ($5.27 billion) in cash and 144.3 million Walgreen shares, after first taking a 45 percent stake in 2012.

It added the combined company would keep its tax domicile in the United States, with headquarters in the Chicago area.

(1 US dollar = 0.5940 British pound)

(Reporting by Emma Thomasson; Editing by Mark Potter)