£5bn Boots sale abandoned as potential buyers struggle to raise funds

UK's biggest chemist to stay with Walgreens Boots Alliance as market turmoil makes debt-funded takeovers difficult

Boots will remain under the ownership of Walgreens Boots Alliance after the US pharmacy company abandoned a sale of Britain's biggest chemist.

Walgreens has been looking to sell Boots and its related No7 Beauty brand since the end of last year, with a formal review of its options beginning in January. However, on Tuesday it pulled the sale, blaming global financial market conditions which meant potential buyers were struggling to borrow enough money.