Advertisement

Walgreens contemplating relocating headquarters to Europe

Walgreens | File Photo

Deerfield based Walgreens is contemplating a move in which its headquarters may be relocated to Europe.  The proposal to either stay in Deerfield or relocate to Europe will be completed by late-July or August.  According to Crain’s Chicago Business:

Deerfield-based Walgreen is in the second stage of a two-part merger with Switzerland’s Alliance Boots GmbH. Its executives recently told restless investors it will outline its plans for Alliance Boots, including whether to place its HQ in Europe, in late July or early August.

Among the more fearsome advocates of relocation apparently is Alliance Boots Executive Chairman Stefano Pessina, now Walgreen’s largest single shareholder. And it seems that if Mr. Pessina doesn’t get his way, Walgreen CEO Greg Wasson may lose his job.

‘We think many shareholders are doubtful that the desired changes will be made, and pressure is mounting to bring in a new team,’ New York-based Barclays Capital Inc. analyst Meredith Adler writes in a June 18 report. ‘A favored option is to put Alliance Boots management in charge of the joint company.’

The case for moving headquarters abroad is compelling. Ms. Adler pegs potential cash tax savings at more than $780 million.

[Read the entire article at Crain's Chicago Business]

Tags:

0 Comments

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
  • Advertisement
  • Advertisement
  • Advertisement
  • Advertisement
  • Advertisement
  • Advertisement
Advertisement

Modal