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US retailer Walgreens to buy the rest of Boots' owner

US retailer Walgreens has confirmed it will take up its option to buy the rest of Boots the Chemist owner Alliance Boots.

The owner of Boots the Chemist is Alliance Boots. Credit: Sean Dempsey/PA Wire

Walgreens, which also trades as Duane Reade, is set to spend around £5 billion on the outstanding 55% stake in Alliance Boots.

An announcement is expected later today.