Walgreen set to reconsider Alliance Boots inversion

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The leading US drug retailer Walgreen is set to announce changes to the structure of its offer for the remaining 55% of Alliance Boots it does not own later today August 6, which are widely expected to see it back away from a controversial inversion deal that would see it move its domicile out of the US.

The original structure of the deal would have seen the US group redomicile overseas to either Switzerland or the UK and although investors had been pushing for Walgreen to undertake an inversion in order to lower its US tax bill, mounting political pressure surrounding these forms of deal in the US looks to have been sufficient to make it reconsider.

Walgreen is acquiring the outstanding 55% interest from American private equity company KKR and the Italian investor Stefano Pessina.

 

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