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Walmart blocked from entering New York City
Bentonville, Ark. -- Despite its interest in making a New York City debut in a new Brooklyn neighborhood shopping center, Wal-Mart Stores Inc. said Friday it was unable to agree to economic terms for a new store. Instead, developer Related Cos. struck a deal with ShopRite to open a new grocery store at the 630,000-sq.-ft. Gateway II shopping center planned for Brooklyn.
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Alliance Boots acquires Chinese drug wholesaler stake
Zug, Switzerland -- Swiss drugstore chain Alliance Boots said Monday it has acquired a 12% stake in Chinese pharmaceutical wholesaler Nanjing Pharmaceutical Co. for $88.5 million.
The deal follows Walgreen Co.’s $7 billion investment in Alliance Boots in a move to expand into China.
Alliance Boots runs the largest drugstore chain in the United Kingdom.
Walgreen’s initial plan is to acquire about 45% of Alliance Boots with an option to buy the rest of the company in three years.