Boots owner Walgreens abandons sale plan amid ‘dramatic’ market turmoil

Parent firm remains ‘open to all opportunities to maximise shareholder value’

The owner said strong performances by the Boots brands ‘exceeded expectations despite challenging conditions’ (PA)

The US owner of Boots is pulling the plug on plans to sell Britain’s biggest high street pharmacy chain amid “unexpected and dramatic” volatility in markets.

Walgreens Boots Alliance (WBA) said it will now keep Boots and the No7 beauty brand under its existing ownership despite lining up bidders including Indian billionaire Mukesh Ambani, that valued the business at about £5bn.

The 2014 Walgreens merger deal for Boots valued the firm at about £9bn at the time.“As a result of market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots and No7 Beauty Company,” WBA said.