This approach uncovered perhaps her best investment ever, a U.K. retail chain called Alliance Boots.
Walgreen along with Alliance Boots GmbH announced a 10-year distribution agreement with AmerisourceBergen (ABC) beginning September 1.
Many big firms, such as Alliance Boots (a health-and-beauty group) have abandoned public stockmarkets and embraced private equity.
The letter was signed by 50 businesses and organisations, including Microsoft, Marks and Spencer, Alliance Boots and Asda.
In China, for example, where Alliance Boots formed a joint venture five years ago with Guangzhou Pharmaceuticals Corp.
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Currently, Alliance Boots has a 50-50 joint venture in China known as Guangzhou Pharmaceuticals, which is the sixth-largest drug wholesaler in China.
FORBES: Stefano Pessina Talks 'Emerging Markets' For Walgreen, Boots
Nanjing is the fifth-largest drug wholesaler in China with a network of nearly 350 pharmacies, Alliance Boots and Nanjing said in a statement.
Pessina, in particular, sees China and other Asian markets increasingly open to the idea of partnering with a larger player like Alliance Boots and Walgreen.
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Within three years, Walgreen plans to acquire all of Alliance Boots.
He is the driving force in Alliance Boots' wholesale strategy, along with Ornella Barra, the company's wholesale and commercial director and Pessina's partner of 24 years.
Also, there is continuing speculation among the British press that Alliance Boots could yet receive rival offers from private-equity rivals Blackstone Group and Britain's Apax Partners .
More specifically, Walgreen is partnering with Alliance Boots GmbH to source pharmaceutical products from AmerisourceBergen Corp. (ABC), in order to purchase a minority stake in the wholesaler.
Walgreen this summer purchased a 45 percent stake in Alliance Boots with plans to buy the entire chain within the three years as part of global expansion plan.
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Banks including JPMorgan, Deutsche Bank and UniCredit also tried in vain to pump up interest in the Alliance Boots deal, having already postponed the sale to this week from last.
Walgreen Co. (NYSE:WAG), the largest drug store chain in the U.S., and his Alliance Boots announced that they would form a strategic partnership that would likely lead to a merger.
Stefano Pessina is executive chairman of Alliance Boots GmbH.
This offers enormous potential for Walgreen and Alliance Boots.
FORBES: Stefano Pessina Talks 'Emerging Markets' For Walgreen, Boots
But Councillor Brian Wombwell, who is on the council's development control committee, said the turbine could jeopardise an extension to the enterprise zone, which includes plans from Alliance Boots for 1, 150 homes.
Pessina, who owns nearly one third of Alliance Boots, is not taking out any cash in the transaction and instead will eventually become the single largest shareholder in Walgreens when the deal is complete.
At the same time dozens of deals like the Chrysler and Alliance Boots loans, have been postponed or canceled in the weeks since investors started getting spooked about credit quality concerns in the mortgage bond markets.
Yet with little pause for reflection, his reward has been a very lucrative continuing career, first as chief executive of Alliance Boots, the chemists' chain, and now in charge at Gala Coral, the leisure and bookmaker chain.
The idea behind the multi-billion-dollar global partnership between Walgreen (WAG) and Alliance Boots is designed to capitalize on emerging markets that are spending much more on health care and looking to access safe and effective medicines.
FORBES: Stefano Pessina Talks 'Emerging Markets' For Walgreen, Boots
"We thought they could distribute Boots products through the Alliance chain, " she says, adding that Alliance also had a healthy balance sheet.
Last year Alliance UniChem, which had a generics and wholesale business and 1, 300 pharmacy stores, merged with Boots.
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