Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, June 25, 2014

U.S. senator warns as Walgreen weighs overseas tax deal, (NYSE: WAG)

As Walgreen Co, the largest U.S. drugstore chain, edged closer to potentially moving its tax home base abroad, the senior U.S. senator from its home state said on Wednesday that he hoped the company would not take such a step.Illinois Democrat Richard Durbin told Reuters in an interview that he spoke with a Walgreen lobbyist on Tuesday. "I told him I hope that the rumor's not true," Durbin said.Durbin, the Senate's second-highest ranking Democrat, said Walgreen, now based in a Chicago suburb, would be ill-advised to pursue an "inversion" deal with Switzerland's Alliance Boots Holding Ltd."Because of their national reach, they are a uniquely American company, and I think it would really hurt their image if they decided to give up on this country and to head overseas to make a couple extra dollars," he said.

Walgreen Co. (Walgreens), together with its subsidiaries, operates as a retail drugstore chain in the United States. Shares of WAG traded higher by 2.36% or $1.71/share to $74.19. In the past year, the shares have traded as low as $43.31 and as high as $76.39. On average, 6006580 shares of WAG exchange hands on a given day and today's volume is recorded at 8676863.