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| Walgreens to buy up Alliance Boots | Walgreens to buy up Alliance Boots |
| (35 minutes later) | |
| High Street chemist Alliance Boots is to be bought up by US pharmacy giant Walgreens. | High Street chemist Alliance Boots is to be bought up by US pharmacy giant Walgreens. |
| The board of Walgreens will now seek shareholder approval for the £9bn deal to go through. | The board of Walgreens will now seek shareholder approval for the £9bn deal to go through. |
| Walgreens bought a 45% stake in the company in 2012, and now wants to buy the remaining 55% stake. | Walgreens bought a 45% stake in the company in 2012, and now wants to buy the remaining 55% stake. |
| The firm said it would not use the deal to alter its current tax structure, and expects the merged company to be based in Chicago. | |
| "We are excited to move forward with the next important step in becoming a new kind of global health care leader," said Walgreens chief executive Greg Wasson. | |
| Walgreens said it would invest "across core businesses at suitable returns to drive organic growth". | |
| However, it will also look to make cost reductions of $1bn over three years at "corporate, field and store-level". | |
| The new combined company will be called "Walgreen Boots Alliance", and its headquarters will be in the Chicago area, Walgreens said. | |
| Boots will remain at its UK headquarters in Nottingham. | |
| Mr Wasson will become chief executive of the new company, and Stefano Pessina, who is currently executive chairman of Alliance Boots, will report to Mr Wasson. |