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| Boots bid 'unsettling' for staff | Boots bid 'unsettling' for staff |
| (10 minutes later) | |
| A takeover bid for Alliance Boots by a private equity firm is "anxious and unsettling", union leaders say. | A takeover bid for Alliance Boots by a private equity firm is "anxious and unsettling", union leaders say. |
| The union Usdaw said workers were worried about how the bid would affect long-term job security and pensions. | The union Usdaw said workers were worried about how the bid would affect long-term job security and pensions. |
| A £10.6bn bid by Kohlberg Kravis Roberts (KKR) has been backed by the firm's board, but a Nottingham MP said it was too early to draw conclusions. | A £10.6bn bid by Kohlberg Kravis Roberts (KKR) has been backed by the firm's board, but a Nottingham MP said it was too early to draw conclusions. |
| Broxtowe MP Nick Palmer said any new owners needed to expand the business and not asset strip the business. | Broxtowe MP Nick Palmer said any new owners needed to expand the business and not asset strip the business. |
| Workers concerned | Workers concerned |
| Private equity consortium The Wellcome Trust and Terra Firma have made a rival proposal for Alliance Boots worth £10.8bn. | |
| "If there is a successful bid, the new management should expand the company instead of asset strip it and ensure the pension fund is fully financed," Mr Palmer said. | |
| Our members are less concerned about who makes profits than making sure they can continue to have a job John Hannett, Usdaw general secretary | Our members are less concerned about who makes profits than making sure they can continue to have a job John Hannett, Usdaw general secretary |
| "We will press the new owners as soon as possible. Other takeovers have resulted in long periods of uncertainty - and that would be unsatisfactory." | "We will press the new owners as soon as possible. Other takeovers have resulted in long periods of uncertainty - and that would be unsatisfactory." |
| Usdaw general secretary John Hannett said he had written to senior Boots' directors "seeking an urgent meeting to clarify what a successful bid might mean for Usdaw members". | Usdaw general secretary John Hannett said he had written to senior Boots' directors "seeking an urgent meeting to clarify what a successful bid might mean for Usdaw members". |
| "Basically what they'll want to know is what is the intention if this bid is successful, for their job security, their pensions and so forth .. and let's see whether this is a growth strategy or is it an asset-stripping strategy. | "Basically what they'll want to know is what is the intention if this bid is successful, for their job security, their pensions and so forth .. and let's see whether this is a growth strategy or is it an asset-stripping strategy. |
| "Our members are less concerned about who makes profits than making sure they can continue to have a job to support their families," said Mr Hannett. | "Our members are less concerned about who makes profits than making sure they can continue to have a job to support their families," said Mr Hannett. |
| 'Worth a fortune' | 'Worth a fortune' |
| Martin Allen, regional organiser for union GMB in Nottingham, said: "Workers are worried because the writing has been on the wall at Boots for years with jobs being outsourced all the time. They are concerned about their long-term job future. | Martin Allen, regional organiser for union GMB in Nottingham, said: "Workers are worried because the writing has been on the wall at Boots for years with jobs being outsourced all the time. They are concerned about their long-term job future. |
| "The workers often pay the price for asset stripping that takes place by private equity firms. You wonder which companies are safe." | "The workers often pay the price for asset stripping that takes place by private equity firms. You wonder which companies are safe." |
| He said the Boots site in Nottingham was "worth a fortune" and would be an obvious target for asset stripping. | He said the Boots site in Nottingham was "worth a fortune" and would be an obvious target for asset stripping. |
| KKR and Boots' deputy boss Stefano Pessina have tabled an offer for the firm to £10.90 a share. | KKR and Boots' deputy boss Stefano Pessina have tabled an offer for the firm to £10.90 a share. |
| 125,000 pharmacies | 125,000 pharmacies |
| If supported by Boots' shareholders, the deal would be by far the biggest UK acquisition by a private equity fund. | If supported by Boots' shareholders, the deal would be by far the biggest UK acquisition by a private equity fund. |
| A rival offer which includes private equity firm Terra Firma and medical charity The Wellcome Trust made a rival offer of £10.85 per share earlier this week. | A rival offer which includes private equity firm Terra Firma and medical charity The Wellcome Trust made a rival offer of £10.85 per share earlier this week. |
| Alliance Boots is best known in the UK for its 2,600 Boots the Chemist shops on the High Street, but it also has 400 overseas outlets in countries including Thailand and Italy. | Alliance Boots is best known in the UK for its 2,600 Boots the Chemist shops on the High Street, but it also has 400 overseas outlets in countries including Thailand and Italy. |
| The group, which was created in a £7bn tie-up with chemist chain Alliance Unichem last year, supplies more than 125,000 pharmacies, health centres and hospitals. | The group, which was created in a £7bn tie-up with chemist chain Alliance Unichem last year, supplies more than 125,000 pharmacies, health centres and hospitals. |