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US giant Walgreens set to take over Boots to create first global pharmacy | American drugstore giant Walgreens are set to
take over Britain's popular pharmaceutical retailer Boots, in an attempt to create
the first global pharmacy. Walgreens will pay a staggering 4.3 billion pounds
for a 45 percent stake in Boots, which employs over 75,000 people in the UK, and
plans to buy the company by 2015, creating the first global pharmacy business.
"Our mission is to be America' s first choice for health and daily living, helping
our customers to live well, stay well and get well," the Daily Mail quoted Walgreens
CEO, Gregory Wasson, as saying. "We are bringing together the strengths and expertise
of each company to create a worldwide healthcare platform for the future that
can provide innovative ways to address global health and wellness challenges,"
he added. Although, there are fears that the American company will shift control
of the merged business to the US, effectively killing off a British high street
icon, but Italian executive chairman, Stefano Pessina, who co-owns Boots with
an American-based private equity business, insisted it would survive the merger.
"How could I do a deal to kill Boots? I have done a deal to make Boots more visible,
more international, to create a lot of new markets for Boots and for the manufacturing
facility at Nottingham," he said. The trans-Atlantic deal is expected to bring
together more than 170,000 pharmacies, doctors, health centres and hospitals in
21 countries.
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