US chain to buy Boots in £10bn deal

The largest pharmacy chain in the US swooped on high street chemist Boots yesterday as part of a shock £10bn (€12.4bn) takeover deal.

Walgreens will initially acquire 45% of Alliance Boots, a business that includes a major European pharmaceutical wholesale arm, with an option to snap up the rest by 2015.

The pair hope their partnership will create the industry’s first “global player” with 11,000 stores in 12 countries and serving over 170,000 pharmacies and health centres in 21 countries.