Meet the enigmatic Czech billionaire who wants to buy Britain’s Royal Mail
CNN
The owner of Britain’s embattled Royal Mail is poised to accept a £3.5 billion ($4.4 billion) takeover bid from a Czech billionaire, raising fears about the fate of thousands of workers and a key national service.
Royal Mail dates back to the Tudors. It has been operating a postal service in England since the reign of Henry VIII. Now this most British of institutions is on the brink of being sold to a Czech billionaire, Daniel Křetínský, raising fears about the fate of thousands of workers and a key national service. British logistics company International Distribution Services (IDS), which owns the loss-making postal service, said Wednesday that it was “minded to recommend” to its shareholders a £3.70-per-share ($4.69) takeover offer from Křetínský’s EP Group. EP Group has until May 29 to convert its £3.5 billion ($4.4 billion) non-biding offer into a formal bid for IDS. The likely sale would come after a difficult few years for Royal Mail, which was privatized in 2013. It has suffered a sharp drop in demand for its services, and losses have ballooned. Appeals to the government to be released from its obligation to deliver letters six days a week have fallen on deaf ears. A spokesperson for the UK Department for Business and Trade told CNN that it had “no current plans” to change Royal Mail’s legally binding service obligations.
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