Your friendly neighborhood multi-billion-dollar drugstore conglomerate is not going anywhere.
The nation's largest drugstore chain is acquiring Alliance Boots, a Switzerland-based drugstore chain with stores in England. But it won't attempt to relocate its headquarters overseas to take advantage of lower tax rates—a move known as a tax inversion.
Sources on both sides of the Atlantic said that Walgreens is likely to disclose as part of its announcement that it intends to remain a US-domiciled company rather than pursuing a so-called tax inversion which would involve moving its corporate headquarters to the UK or Switzerland.
The news will represent a significant victory for President Obama, who said recently that US companies which moved their headquarters overseas to save tax were damaging the country’s economy.
"My attitude is I don't care if it's legal, it's wrong," he said in July.