Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Walgreen Company    WAG   US9314221097

WALGREEN COMPANY (WAG)

32
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

Walgreen : Complaint over Walgreens ploy to move tax HQ

07/17/2014 | 05:50pm US/Eastern

A large US pension adviser has written to US regulators asking them to investigate Illinois-based retailer Walgreens plans to move its tax base from the US to Switzerland as part of its takeover of Alliance Boots.

The CtW Investment Group, which represents union pension funds holding $250bn (pounds 146bn) in investments, has written to the Securities and Exchange Commission asking them to investigate an apparent violation of a rule designed to prevent disclosure of material inside information to favoured groups.

According to the complaint, Walgreens executives held private meetings with analysts and hedge funds in which they discussed potentially restructuring the planned acquisition to allow for a so-called tax inversion that would allow it to move its headquarters and escape the US's far higher corporate tax rate.

Barclays analysts have estimated the move would save the company $783m in the first year after the inversion.

CtW's complaint focuses on two off-the-record meetings at which the Financial Times reported Walgreens management held "constructive" talks with hedge funds and analysts. Walgreen's stock price rose significantly afterwards.

"We seek to . . . ensure all pertinent information regarding Walgreens is broadly disclosed and disseminated on a timely basis to the marketplace and all shareholders," said a Walgreens spokesman.

(c) 2014 Guardian Newspapers Limited.

React to this article
Latest news on WALGREEN COMPANY
1d ago Health Beauty Life Magazine Fall 2014 Issue on Newsstands Across North Americ..
2d agoDJKinder Morgan Unveils $6 Billion Debt Offer -- Update
2d ago WALGREENS : Files Definitive Proxy Statement/Final Prospectus Related to Special..
2d agoDJKinder Morgan Unveils $6 Billion Debt Offer
3d ago WALGREENS : Earns Top Marks in 2015 Corporate Equality Index
3d ago WALGREEN : Susan G. Komen Unveils New National Patient Navigation Program
7d agoDJAlibaba Becomes Wall Street's Favorite Customer -- 3rd Update
7d ago WALGREEN : Other Events, Financial Statements and Exhibits (form 8-K)
7d ago WALGREEN : It's flu season-here's how to avoid the bug
7d ago WALGREEN : PrescribeWellness Takes Steps to Ensure Medication Synchronization To..
Advertisement
Chart
Duration : Period :
Walgreen Company Technical Analysis Chart | WAG | US9314221097 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF