The new owners of Alliance Boots today began talks about the future running of the healthcare retailer after formally taking control of the company with an £11.1 billion bid.

Executives at the international health and beauty group were locked in all-day meetings about the future direction of the company with Alliance Boots' deputy chairman Stefano Pessina and his private equity partner Kohlberg Kravis Roberts.

Discussions are likely to cover the future management line-up of the company, which will de-list from the London Stock Exchange on Thursday, becoming the first FTSE 100 group to be taken into private equity ownership. Until today, when the scheme of arrangement took effect, the company's management have not been in a position to talk about their future roles.

Alliance Boots was formed through a £7 billion merger in July 2006 between Boots and Alliance UniChem, a drugs distribution group founded by Mr Pessina.

On the current seven-strong board, the chief executive Richard Baker, chairman Sir Nigel Rudd and health and beauty director Scott Wheway hail from Boots while the rest of the board comprise former Alliance Unichem directors.

Sir Nigel is expected to stand down since the chairman's role is not usually required in a privately-held company. Mr Pessina and KKR have said in the past that they intend to keep existing management involved with running the company, but have never detailed who would stay and who would go.

KKR and Mr Pessina are keen to build up Alliance Boots' pharmacy and drug wholesale operations. As a private company it will be easier for the group to make acquisitions without the disclosure obligations that accompany being a publicly listed company.

However, Alliance Boots is already being examined by the Office of Fair Trading after striking a deal with Pfizer, the drug-maker, to distribute medicines direct to pharmacies, bypassing the traditional wholesale route to market.

Alliance Boots has committed to publish and present an annual performance review as well as an update on major business developments.

The group said that under new ownership, its priorities would be to build on its position as a trusted UK brand, further develop existing businesses in the UK and overseas and invest to meet structural changes in the European pharmacy retail and wholesale markets.

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