Labour ministers approve £3.6billion takeover of Royal Mail by Czech billionaire Daniel Kretinsky's EP Group
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Royal Mail's takeover by a Czech billionaire has been approved by ministers, it was reported last night. It means that Britain's postal service — which traces its lineage back to Henry VIII — will fall under foreign ownership for the first time in its more than 500-years of history.
![[The BBC said Daniel Kretinsky (pictured) — who is already the largest shareholder in Royal Mail's parent company, International Distribution Services — will be allowed to proceed with his £3.6billion takeover of the group]](https://i.dailymail.co.uk/1s/2024/12/16/00/93178291-14195955-The_BBC_said_Daniel_Kretinsky_pictured_who_is_already_the_larges-m-24_1734308069598.jpg)
The BBC said Daniel Kretinsky — who is already the largest shareholder in Royal Mail's parent company, International Distribution Services — will be allowed to proceed with his £3.6billion takeover of the group following a national security assessment.
![[Royal Mail will add another famous name to Mr Kretinsky's growing roster of British assets]](https://i.dailymail.co.uk/1s/2024/12/16/00/93178231-14195955-Royal_Mail_will_add_another_famous_name_to_Mr_Kretinsky_s_growin-a-23_1734308049075.jpg)
But the UK Government will reportedly maintain a 'golden share' in the business, meaning it will need to approve any major changes to Royal Mail's ownership in the future as well as the location of its headquarters and tax residency. Mr Kretinsky — known as the Czech Sphinx because of his low profile — has also agreed to commitments including that staff will receive 10 per cent of any dividends paid out by the business, as well as the formation of a workers group which will meet every month with company bosses to give posties a greater say in how it is run.
![[Kretinsky swooped on Royal Mail earlier this year with his multi-billion-pound bid, having previously built up a nearly 28 per cent stake in the parent company IDS over several years]](https://i.dailymail.co.uk/1s/2024/12/16/00/93178237-14195955-Kretinsky_swooped_on_Royal_Mail_earlier_this_year_with_his_multi-a-22_1734308049072.jpg)
It follows previous pledges made by the billionaire to maintain Royal Mail's one-price-goes-anywhere Universal Service Obligation (USO), which requires it to deliver letters six days per week Monday to Friday. Royal Mail 's takeover by a Czech billionaire has been approved by ministers, it was reported last night.
