Walgreens to cut stake in China joint venture
Walgreens Boots Alliance said it will reduce its stake in its pharmaceutical wholesaling joint venture in China with Guangzhou Pharmaceuticals Corp.
The Deerfield-based drug store chain plans to sell a 30 percent interest in Guangzhou Pharmaceuticals to Guangzhou Baiyunshan Pharmaceutical Holdings, Walgreens' partner in the venture. Following the sale, Guangzhou would own 80 percent of the venture, while Walgreens will own a 20 percent interest and will continue to account for its remaining stake as an equity method investment.
The sale is subject to regulatory review and approval.
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