Royal Mail takeover approved by shareholders
Summary
The owner of Royal Mail, International Distribution Services (IDS), has been bought by a Czech billionaire named Daniel Kretinsky. The sale, which had the support of over 80% of IDS's shareholders, means Kretinsky's EP Group will now manage Royal Mail, a company with a 500-year history.Key Facts
- The sale of Royal Mail to Daniel Kretinsky's EP Group was approved by over 80% of IDS shareholders.
- The deal is said to be worth £3.6 billion.
- Under the agreement, EP Group must maintain Royal Mail's current service commitments, which require delivery of letters six days a week, and parcels five days a week.
- Kretinsky has committed to fulfill these service requirements for as long as he owns Royal Mail.
- Royal Mail recently proposed to regulator Ofcom a reduction in second class deliveries to save costs.
- The Greeting Card Association expressed concerns about these proposed changes, saying they could put pressure on small businesses.
- Daniel Kretinsky, who is worth £6 billion, also owns parts of West Ham United football club and Sainsbury's, along with a gas transmission service.
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