Bidding war begins for Boots

A bidding war for Alliance Boots broke out today after two private equity groups went head to head in a takeover tussle to snap up the health and beauty giant.

Medical research charity The Wellcome Trust and private equity group Terra Firma put forward a proposed £10.8bn (€15.9bn) offer just hours after Boots announced it had agreed to a £10.6bn (€15.6bn) sale to its deputy chairman Stefano Pessina and US backers Kohlberg Kravis Roberts (KKR).