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US firm won't shift after Boots buy

Wednesday, August 06 11:51:48

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

Walgreen said today 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.

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