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.

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.