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One of India’s richest men has joined forces with a US private equity firm to launch a £5 billion takeover attempt for pharmacy chain Boots.
In April, billionaire Mukesh Ambani’s firm Reliance Industries started working with Apollo Global Management on a potential move for the historic UK retailer.
It is now understood that the two partnering companies have placed a takeover approach for Boots.
The process comes after Boots’ current owner, Walgreen Boots Alliance, announced a review of the UK business which could lead to a sale.
Initial reports had suggested that WBA could seek to gain as much as £6 billion for Boots, which owns more than 2,200 stores across the UK.
It is reported that the US retail giant is likely to keep a minority stake in boots as part of a deal.
Boots has revealed a jump in sales for the three months to February in its latest financial results, amid a recovery in high street footfall.
Total UK sales grew by 15.2% over the quarter to February 28, compared with the same period last year.
Boots declined to comment. Reliance and Apollo have also been contacted for comment.