Pensions worry hangs over Boots bid

The group set to buy health and beauty giant Alliance Boots is understood to be at loggerheads with the firm’s pension trustees after offering far less than the £400m (€587m) demanded upfront, according to a newspaper report today.

US private equity house Kohlberg Kravis Roberts and Boots deputy chairman Stefano Pessina are believed to have put forward plans to pay just £50m (€73m) upfront to plug the retail and pharmaceutical giant’s pension deficit.