After a 10-month courtship, Boots and Alliance UniChem are expected to complete their merger on Tuesday. The British pharmacy and health care retailer Boots has struggled mightily against competition from U.K. supermarket chains that, in recent years, have added pharmacy and beauty products to their shelves. The company hopes the diversity delivered by UniChem's wholesale drug business will give it the kick start it needs.

After a tepid initial response, investors have warmed to the deal giving a boost to Boots in FTSE trading. Whether that continues remains to be seen. One variable that investors will no doubt be watching closely is the relationship between Boots CEO Richard Baker, who will lead the combined company, and UniChem's founder and deputy chairman Stefano Pessina, who owns 15% of the company. The size of that holding could lead to management conflicts if the deal sours or if Pessina disagrees with the strategic decisions. — Suzanne Stevens

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