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Walgreen Co resolves not to transfer headquarters overseas after critics said it would allow company to avoid US tax

Author: Bryce Covert, Think Progress (USA) , Published on: 5 August 2014

"Largest American Drugstore Chain Decides Not To Dodge Taxes By Moving Headquarters Overseas" - 6 August 2014 

Walgreen Co announced on Wednesday that it won’t go through with its acquisition of Switzerland-based Alliance Boots, a move called an “inversion” that would have shifted company headquarters overseas to avoid paying U.S. taxes…While it will still go through with buying all of Alliance Boots’s shares, Walgreen will still be based in the Chicago area….[T]he company said that it was “mindful of the ongoing public reaction to a potential inversion and Walgreens unique role as an iconic American consumer retail company with a major portion of its revenues derived from government-funded reimbursement programs”…The company’s decision not to move its headquarters overseas via an acquisition is the third major potential deal to collapse in recent months…Yet plenty of deals look ready to move ahead… The rate of inversion deals has accelerated recently… [Also refers to AbbVie, Alliance Boots, AstraZeneca, Pfizer]

Read the full post here

Related companies: AbbVie Alliance Boots (part of Kohlberg Kravis Roberts) AstraZeneca Kohlberg Kravis Roberts (KKR) Pfizer Walgreen