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Walgreen turns down inversion that would cut tax bill
Walgreen turns down inversion that would cut tax bill

Walgreen Co. plans to keep its roots firmly planted in the United States, saying it will no longer pursue an overseas reorganization that would have trimmed its U.S. taxes but which drew political scorn. The nation's largest drugstore chain, which bills itself as "America's premier pharmacy," said Wednesday that it will buy the remaining stake in Swiss health and beauty retailer Alliance Boots that it does not already own. The cash-stock deal is valued at more than $15 billion. Walgreen had contemplated the move since buying a 45% share in 2012. Walgreen will not pull off an inversion, however, a tactic that has become increasingly popular with U.S. companies...

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