May 28, 2024
Royal Mail owners to back £5bn takeover offer
The board of the company that owns Royal Mail is expected to recommend a fresh takeover offer for the 500-year-old organisation on Wednesday. Chancellor Jeremy Hunt has said that any takeover bid for Britain's Royal Mail would be subject to "Normal" national security scrutiny but it would not be opposed in principle. Shadow business secretary Jonathan Reynolds wrote to Mr Kretinsky two weeks ago to stress the historic and crucial role that Royal Mail played in the life and economy of the UK, spelling out undertakings that Mr Kretinsky's offer is expected to entail. Parent company International Distribution Services made a small profit last year which was entirely generated by its German and Canadian logistics and parcels business, off-setting losses at Royal Mail. The universal service obligation is under review, with Royal Mail suggesting to Ofcom that reducing second class deliveries to every other weekday would save up to £300m a year and give the business "a fighting chance".
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