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US drugs firm to buy chemist Boots
HIGH Street chemist Boots is to be bought up by US pharmacy Walgreens.
The board of Walgreens will now seek shareholder approval for the £9bn deal to go through.
Walgreens bought a 45 per cent stake in Alliance Boots in 2012, and now wants to buy the remaining 55 per cent stake.
It will reportedly bow to political pressure and remain headquartered in the US.
Boots brands such as No7 and Botanics are already sold in Walgreens and Duane Reade stores in the US, with the American firm's products introduced to Boots stores as part of the deal in 2012.
Alliance Boots traces its roots back to 1849 when John Boot opened his first store selling herbal remedies in Goose Gate, Nottingham. It opened its 1,000th store in 1933 followed by the No7 cosmetics range two years later.