Sigma Healthcare has confirmed it has held early-stage talks over a potential acquisition of Boots.

The Australian pharmaceutical wholesaler and retailer said it “continuously reviews opportunities” that could create shareholder value, but stressed there was no certainty that any deal would go ahead.

The confirmation followed a Financial Times report that Sigma was among potential bidders for Boots in a sale process that could value the British health and beauty retailer at about $10 billion (£7.5 billion).

A deal would mark another major change of ownership for Boots, which is controlled by private equity firm Sycamore Partners following its takeover of Walgreens Boots Alliance.

The FT reported that Sycamore had entered talks with potential strategic buyers before Easter, as it weighed a sale instead of a planned London IPO. Reuters said it could not independently verify the report.

Sigma shares fell more than five per cent to A$2.76 after the talks were confirmed, while Australia’s wider benchmark index closed 0.7 per cent higher.

Global X ETFs senior product and investment strategist Marc Jocum said the share price fall reflected investor caution rather than a judgement on Boots.

Sigma completed its merger with Chemist Warehouse earlier this year and recently expanded into the UK through the acquisition of a controlling stake in Greenlight Healthcare.

Jocum said investors were likely to be wary of another major acquisition because of the funding, integration and execution risks involved.