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US drug retailer Walgreens announced yesterday it would take over one of Britain’s best-known high street names — Boots.
Walgreens immediately announced cuts to “save” £1 billion (£594 million) by 2017.
It bought 45 per cent of the shares in Boots owner Alliance Boots in 2012 and said yesterday it would buy the remaining 55 per cent in a £9bn cash and shares deal.
Alliance Boots employs more than 108,000 staff in more than 25 countries, including 70,000 in Britain, where Boots has nearly 2,500 stores.
The takeover will reportedly hand Alliance Boots executive chairman Stefano Pessina a £1.5bn windfall.
Walgreen Boots Alliance will be based in Chicago but the headquarters of the Boots subsidiary will remain in Nottingham.
