Durbin pleased by reports that Walgreens will stay in US - Fox 2 News Headlines

Durbin pleased by reports that Walgreens will stay in US

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CHICAGO (Associated Press) -

U.S. Sen. Dick Durbin says he is pleased by Walgreen Co.'s apparent decision to keep its headquarters in Illinois. But the Democrat said Tuesday pressure should be put on other businesses considering a move overseas to lower their tax burdens.

Media reports have the nation's largest drugstore chain deciding against reincorporating in the United Kingdom.

Walgreens owns a 45 percent stake in Alliance Boots, the U.K's largest drugstore chain. Walgreens has said it will soon announce whether it will acquire the company's remaining outstanding shares.

Walgreens executives have considered using an organizational technique called an inversion to take advantage of the U.K's lower corporate tax rate.

Durbin calls it wrong for U.S. companies to reap the benefits of being created in the U.S. and then move their corporate offices overseas.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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