Walgreen Wades into Antitrust Waters

OKLAHOMA CITY -- If Walgreen (WAG Quote) pulls off a purchase of Longs Drug Stores (LDG Quote), the company will suddenly control two-thirds of the drugstores in one of the country's hottest markets.

While some doubt federal regulators would allow that kind of market power, Longs has achieved it on its own. Rankings by Chain Drug Review showed that Longs operated 69% of the drugstores located in booming Honolulu. Walgreen has approached that dominance in several other markets, but has made no wave.

Nonetheless, rival CVS(CVS Quote) has been sounding alarms. When cautioning Longs against a deal with Walgreen, CVS specifically included Hawaii. ...