LONDON, June 10 -- Boots has anchored the British high street since 1849, survived two world wars and a dozen owners, and spent the past year as the carve-out a private equity firm was always going to sell. The newest would-be buyer runs Australia's discount chemist empire, and its own shareholders marked the idea down on sight.

Sigma Healthcare, the Australian company behind Chemist Warehouse, confirmed on Wednesday that it has held preliminary discussions to acquire Boots, Bloomberg reported, in a transaction local reports put around 14 billion Australian dollars, roughly $10 billion. Sigma's confirmation to the exchange carried the standard caution that talks are early and no transaction is certain. Its shares slipped about 4 percent ...