Walgreens Boots Alliance scraps plans to buy Rite Aid

Global pharmacy giant Walgreens Boots Alliance has dropped its plans to buy US-based rival Rite Aid. Instead, Walgreens has agreed to buy 2,186 Rite Aid stores and some distribution centres for $5.2bn. Walgreens' planned takeover of Rite Aid was first announced in October 2015. It faced resistance from competition regulators as it would have seen a tie-up of the first and third largest US pharmacy chains. "We believe this new transaction addresses competitive concerns previously raised with respect to the prior transaction," said Walgreens chief executive Stefano Pessina.

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