(Adds details, background, share move)
Aug 5 U.S. pharmacy chain Walgreen Co
will remain headquartered in the United States, spurning the
chance of a so-called tax-inversion, after it buys the rest of
European drug chain Alliance Boots, Sky News reported
The broadcaster, citing sources close to the deal, said
Walgreen will announce as soon as Wednesday that it will buy the
55 percent of Alliance Boots that it does not already own for
about 5 billion pounds ($8.4 billion).(bit.ly/1s8OOku)
Walgreen has been under pressure from some shareholders to
move its domicile to the UK or Switzerland, where corporate
taxes are lower than in the United States.
The company's stock was down 5.8 percent at $67.98 late
afternoon trading on the New York Stock Exchange.
A Walgreen spokeswoman said she had not seen the Sky report
and was unable to comment. An Alliance Boots spokeswoman
declined to comment.
Sky News said Walgreen plans to buy the rest of privately
owned Alliance Boots next year during a previously agreed window
of between February and August.
Walgreen bought 45 percent of Alliance Boots in 2012.
A sharp upswing in inversion deals has caused alarm in
Three prominent Democratic senators on Tuesday urged
President Barack Obama to use his executive authority to reduce
or eliminate tax breaks for companies that shift their
headquarters overseas to cut their U.S. tax bills.
($1 = 0.5925 British pounds)
(Reporting by Ramkumar Iyer in Bangalore; Editing by Maju
Samuel and Ted Kerr)