Walgreens (NYSE: WAG) is under pressure from a group of shareholders to consider relocating to Europe to gain tax benefits, the Financial Times reported. The move, known as an inversion, would dramatically reduce Walgreens' taxable income in the U.S., which has among the highest corporate tax rates in the world.
Shareholders owning nearly 5 percent of the company's shares lobbied Walgreens' management to use its ownership stake in Alliance Boots to change its legal base to Europe.
Walgreens would not say if it was considering moving its headquarters to Europe. In a statement Monday, Jim Graham, a spokesman, said the company regularly meets with investors and "always welcome(s) their input." Story