Business

Market Movers

Walgreen to buy stake in retailer

The deal would give Walgreen Co. access to emerging markets like China and Egypt, company officials said.

Sergio Dionisio/Associated Press

The deal would give Walgreen Co. access to emerging markets like China and Egypt, company officials said.

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Walgreen Co. will pay $6.7 billion in cash and stock to buy a stake in European health and beauty retailer Alliance Boots, a deal that would give global clout to a US drugstore chain struggling with slipping sales in its home market. CEO Greg Wasson said the acquisition is ‘‘a truly game changing step’’ for his company but investors aren’t so sure. Shares slid.

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