Across the Atlantic: Walgreen Co. will pay $6.7 billion in cash and stock to buy a stake in European health and beauty retailer Alliance Boots in the first international venture for the largest U.S. drugstore chain. The Deerfield, Ill., company announced this morning plans to initially spend about $4 billion in cash and contribute more than 83 million shares for a 45% ownership stake in Switzerland-based Alliance Boots, which runs more than 3,300 health and beauty retail stores in 11 countries. Walgreen has an option to buy the rest of the company in about three years in a deal valued at around $9.5 billion based on Walgreen’s share price and the current exchange rate. Read the full story here.
Dry holes: Exxon Mobil says it’s ending its exploration for shale gas in Poland after finding insufficient amounts of gas in two exploratory wells in the country’s east. The move is the latest blow to Polish hopes to find massive shale gas reserves that would help ease the country’s dependence on Russian energy sources. Exxon Mobil did not say if it plans to hold on to the six exploratory licenses it has in Poland, or if it will offer them for sale to another firm. Some two dozen global energy companies are searching for shale gas across Poland.
Off and running: The Water Institute of the Gulf has named Denise Reed as its chief scientist. Reed will be responsible for guiding and overseeing the development of the institute’s science and engineering research programs. She will also collaborate with outside organizations that possess similar goals and interests. Previously, she served as interim director of the Pontchartrain Institute for Environmental Sciences at the University of New Orleans, where she has been a faculty member since 1998. Read more about Reed’s appointment at the Water Institute’s website here.
Today’s poll question: Do you think uncertified teachers should be allowed to teach at charter schools, as a new Louisiana law allows?
