Walgreens announced it will exercise its option to buy the remaining shares of Alliance Boots, but intends to keep its headquarters in the United States.
The drugstore chain said it would complete the second step of its partnership with Alliance Boots, ahead of the original schedule.
For months, talk swirled around moving Walgreens' headquarters to Switzerland to cut U.S. taxes on foreign income. One report estimated Walgreens could save $4 billion over five years by becoming a Swiss company, reported Forbes.
The company seemed poised for the move after acquiring a 45 percent stake in Alliance Boots, Europe's largest drugstore wholesaler and retailer, in 2012. Walgreens was eligible to purchase the remaining 55 percent between February and August of 2015. However, a corporate announcement today stated the retailer would seek shareholder approval to acquire the remaining investment.
"We are excited to move forward with the next important step in becoming a new kind of global health care leader," said Greg Wasson, CEO, Walgreens. "Expanding globally with Alliance Boots will make quality health care more affordable and accessible to communities here in America and around the world."
On the heels of victory, the Americans for Tax Fairness published the results of a new poll showing Americans overwhelmingly disapprove of corporate inversions. More than two-thirds of Americans disapprove of corporate inversions and half of likely voters were aware of the issue.
Americans for Tax Fairness are giving credit to the 20,000 Americans who wrote to Wasson, threatening a boycott.
-See this Walgreens press release
-See this Forbes article
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