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Walgreen turns down inversion to cut tax bill

Walgreen plans to keep its roots firmly planted in the United States, saying it will no longer pursue an overseas reorganization of the company that would have trimmed the amount of U.S. taxes it pays.

The nation’s largest drugstore chain said early Wednesday that as previously planned, it will buy the remaining stake in Alliance Boots that it does not already own, but it will not pull off an inversion with the Swiss health and beauty retailer.

The Deerfield, Illinois, company says it is not in the best long-term interest of its shareholders to re-domicile outside the United States.

Shares are down almost 5 percent in premarket trading.

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