Royal Mail takeover by Czech billionaire Daniel Křetínský ‘gets government approval’ – business live
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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The “Czech Sphinx” has reportedly triumphed in his bid to take control of Royal Mail. The British government has approved Czech billionaire Daniel Křetínský’s £3.57bn takeover of Royal Mail’s owner International Distribution Services, according to reports this morning.
This green light should pave the way for the formerly state-owned postal service provider to pass into foreign ownership for the first time in its history. The BBC is reporting that the sale has been approved, and that the takeover will be announced on Monday morning.
The post is in the Czech https://t.co/rOEvi5UjEl foreign billionaire to buy Royal Mail. Daniel Kretinsky told BBC he intends to invest heavily in the roll out of delivery lockers to make online deliveries more efficient & will keep one price letter delivery 6 days a week for now pic.twitter.com/kqDKBL7Odi.
As part of the final deal, the UK government will retain a so-called “golden share” in the postal service giving it special rights over the governance of the company, the Financial Times reports. Once the deal goes through, Royal Mail would leave the stock market, 11 years after being floated by David Cameron’s coalition goverment at a value of £3.3bn.
