The board of International Distributions Services, owner of Royal Mail, has announced that it has accepted a £3.57 billion takeover offer from Czech billionaire Daniel Kretinsky’s EP Group.
Businessman Kretinsky already owned more than a quarter of IDS, which controls Royal Mail, Parcelforce and international mail service GLS.
Known as the ‘Czech Sphinx’ due to its impenetrable nature, its purchase of IDS – which could still face government scrutiny – could for the first time take the UK’s Postal Service , 500 years old, to entirely foreign ownership.
The EP Group’s offer – at 370p per share – is thought to meet IDS bosses’ demand to retain Royal Mail’s name, brand, head office and tax residence in the UK, in order to maintain its link with Great Britain.
Business Secretary Kemi Badenoch has the power under the National Security and Investment Act to seal the deal – and potentially block it.
This is a powerful story – more will follow.
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