KKR is now looking at the Alliance Boots books

The rumour of Celesio's possible interest comes after private equity group Kohlberg Kravis Roberts (KKR) improved its offer for Boots on Friday.

KKR is now informally offering �10.2bn for the chemist and drugs wholesaler, up from its initial �9.7bn offer.

Boots has also declined to comment on Celesio's possible interest.

Competition issues

Analysts said that any forthcoming bid from Celesio would no doubt face an inquiry by competition authorities, as it and Boots are already the leading pharmacy businesses in the UK.

We do not comment on market speculation Celesio spokesman See Boots' shares

Since receiving KKR's improved informal offer, Boots has now opened its books to the US-based group.

Analysts expect the Boots board will eventually back KKR's approach, which also includes the retailer's deputy chairman Stefan Pessina, who owns 15% of Boots shares.

"We do not comment on market speculation," a Celesio spokesman said on Monday.