Member access

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


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.

1d ago WALGREENS : Begins Accepting Apple Pay in Stores; Customers can now use the conv..
2d ago WALGREEN : Management's Discussion and Analysis of Financial Condition and Resul..
2d ago WALGREEN : Gov. Quinn proclaims "First Ladies Health Day" in Illinois
2d ago WALGREENS : Begins Accepting Apple Pay in Stores
2d ago WALGREEN : Court rejects appeal from Duane Reade Ex-CEO, CFO
3d ago WALGREENS : Unveils Developer Contest to Support Balance Rewards API
3d ago WALGREENS : Introduces Developer Contest to Support Balance Rewards API
4d ago WALGREENS : Joins Forces with the Department of Veterans Affairs
5d ago Obama signs order to tighten security for federal credit cards
10/15 WALGREEN : Governor Quinn Visits Flagship Walgreens Store in Chicago to Receive ..
Duration : Period :
Walgreen Company Technical Analysis Chart | WAG | US9314221097 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes