(Bloomberg) — Walgreens Boots Alliance Inc. shares surged after the Wall Road Journal reported that the pharmacy firm is in talks to promote itself to Sycamore Companions, a personal fairness agency.
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The inventory jumped as a lot as 28%, its largest single-day acquire since a minimum of 1980. Walgreens shares had misplaced two-thirds of their worth over the course of the yr by means of Monday. That’s the worst efficiency of any inventory within the S&P 500.
Walgreens declined to touch upon the report.
In October, the pharmacy chain stated it might be closing some 1,200 shops over the following three years after posting a $3 billion loss within the fourth quarter on fees associated to opioid liabilities and the write-down of an funding in China. The corporate’s retail division has struggled amid the rise of on-line retailers like Amazon.com and low cost giants Greenback Basic and Costco.
(Updates shares in second paragraph, further particulars in fourth paragraph.)
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