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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. -
India paves way for foreign retailers
New Delhi, India -- India’s government said Thursday that it has OK’d plans to permit foreign retailers to open stores that sell more than one brand, paving the way for retailers such as Wal-Mart Stores and Carrefour SA to expand their presence in the country.
The approved plan calls for overseas companies to put half of their investment in infrastructure such as processing, manufacturing, storage, warehouses and packaging.