Chief executive Mario Verrocchi has admired the British pharmacy chain for more than four decades. But any deal to buy the UK group would be laden with risks.

ASX-listed Sigma Healthcare is looking at Boots alongside other bidders including Canada’s wealthy Weston family, the report said.

It would see Chemist Warehouse’s owner lock horns with Canada’s wealthy Weston family, which owns the grocery chain Loblaws and the pharmacy chain Shoppers Drug Mart.

The Australian pharmacy giant now has its sights set on the UK pharmacy chain Boots.

The Australian pharmacy giant now has its sights set on the UK pharmacy chain Boots.

Chief executive Mario Verrocchi has admired the British pharmacy chain for more than four decades. But any deal to buy the UK group would be laden with risks.

Australian pharmacy group Chemist Warehouse has entered talks to buy UK health and beauty chain Boots for a reported $14bn.

It followed reports the Weston family is also holding discussions over a possible £7.5 billion deal.

Sigma Healthcare, the owner of Chemist Warehouse, confirmed it is trying to buy UK pharmacy giant Boots.

The pharmacy giant’s hunt for a global prize could lead it to rapidly lose control of the situation and become trapped in the notorious graveyard of failed offshore M&A.