World Economy

Alliance Approved

Alliance ApprovedAlliance Approved

Shareholder of US pharmacy chain Walgreens approved a $16 billion takeover of European rival Alliance Boots that creates a global leader in the drug store business, AFP reported. Walgreens said that 97% of its shareholders approved the company’s acquisition of the remaining 55% of Alliance Boots it does not currently own. “The transaction will fully combine the two companies to form the first global pharmacy-led, health and wellbeing enterprise,” said Walgreens, which has more than 8,200 US stores. The deal involves reorganization into a holding company structure, Walgreens Boots Alliance, Inc., with Walgreens a wholly owned subsidiary.