The Wall Street Journal reported that the deal would see Walgreens disappear from the public markets after a turbulent period for the company, which saw the company’s market value fall from a high of more than $100 billion shrunk to less than $8 billion.

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Separately, Sky News reported that the deal could trigger a new auction for British chain Boots, part of the larger Walgreens Boots Alliance.

Walgreens is struggling in the U.S. as it faces pressure from the growth of online prescription delivery platforms and ongoing retail restrictions.

In October, Walgreens announced it would close 500 stores by the end of next year, reaching a total of 1,200 store closures in the U.S. over the next three years.

Lucky Strike owner British American Tobacco (BAT) said in a full-year trading update before the close on Wednesday that the company is on track to deliver 2024 guidance.

BAT said it recorded an improvement in performance in the second half of the year, driven by the gradual introduction of innovations in its new business segment, which includes e-cigarettes.

The trading update gave a glimpse of expectations for actual full-year results, due to be released in February.

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BAT said it expects low single-digit growth in organic sales and adjusted operating profit.

Dan Coatsworth, investment analyst at AJ Bell (AJB.L), said: “Although tobacco industry sales are starting to decline, it is only on a small scale and next-generation products such as e-cigarettes are filling the gap.”

“Admittedly, growth rates for next-generation products have not been as strong as some companies would have liked, but the transition from old to new continues.”

Shares of BAT were up less than 1% on Wednesday morning.

Shares in TUI were down 3% on Wednesday morning after the tour operator’s pace of growth appeared to slow next year.

TUI said full-year revenue rose 12% year-on-year to €23.2bn (£19.1bn), while profit before interest and tax rose 33% to €1.3bn be.

For the 2025 financial year, TUI forecast an increase in sales of 5 to 10% and an increase in adjusted earnings before interest and taxes of 7 to 10%.

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Coatsworth said: “The outlook remains optimistic, albeit with forecasts for lower sales and profit growth. It’s not that people don’t want to go on holiday, it’s more about affordability and TUI needs to maintain its reputation for offering people good value for money.

“TUI needs to invest in its business to keep it current and relevant for holidaymakers and there is some argument to be made that it still has some catching up to do with competitors in this area.”

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