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August 05, 2014 01:00 AM

Walgreen drops on report it will keep U.S. tax base

Associated Press
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    Shares of Walgreen Co. have tumbled on media reports that the drugstore chain will not reincorporate itself overseas — a politically touchy move that could significantly lower its tax bill.

    Walgreen owns a 45% stake in Alliance Boots, the largest drugstore chain in the United Kingdom. The company has said it will soon announce whether it will acquire the remaining stake of the company and use an organization technique called an inversion to take advantage of the U.K's lower corporate tax rate.

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    Tax reform fears driving Big Pharma mergers

    U.K. media reported Tuesday that the Deerfield, Ill.-based company will indeed acquire the British chain, but without moving its tax base overseas.

    A Walgreen spokeswoman said Tuesday she could not immediately comment on the report.

    Dozens of U.S. companies have completed inversions in recent years.

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        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
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        • ESG: The Implementation Imperative Summit
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        • - Value Based Care
        • - Hospital at Home
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        • - Future of Staffing
        • - Hospital of the Future (Fall)
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      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
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      • Hospital Financials
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