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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.
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.
IDS accepted the terms and conditions of the bid, from Křetínský’s EP Group, in May. That offer was worth 360p per share, for the 73% of Royal Mail that he didn’t already own.
Křetínský has made various commitments, including to keep the Universal Service Obligation (USO) under whch letters are delivered six days per week, not to raid its pension surplus, and to keep Royal Mail headquartered and tax resident in the United Kingdom.
Officials had been reviewing whether the deal poses a risk to national security interests, including looking at Křetínský’s links to Russia.
Royal Mail failed to deliver about a quarter of first-class post on time in recent months, marking a worsening in its recent delivery performance, when it is already under investigation for missing delivery targets.
The agenda
• 8.15am GMT: European Central Bank president Christine Lagarde gives a speech to mark the 10th anniversary of the introduction of the euro in Lithuania
• 9am GMT: Eurozone flash PMI survey for December
• 9.30am GMT: UK flash PMI survey for December
• 1.30pm GMT: NY Empire State Manufacturing Index
• 2.45pm GMT: US flash PMI survey for December
We'll be tracking all the main events throughout the day … |
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