Jun 25, 2024
Royal Mail buyer to make offer for all staff shares
Over a hundred thousand former and current Royal Mail staff will this week be asked to sell their shares to a Czech billionaire. On Wednesday morning, Daniel Kretinsky's investment group, which wants to buy Royal Mail's parent company, will publish its formal offer online and send it by post. Royal Mail staff still collectively own 5.5% of the shares after qualifying staff received 600 shares in the company at the time of its privatisation in 2013. The government still has the ability to block this deal, which it may do given Royal Mail's importance to the UK. Mr Kretinsky's EP Group has offered a series of time limited guarantees including the retention of the Royal Mail logo, its UK headquarters, and its UK tax base. Shadow Business Secretary Jonathan Reynolds has written to Mr Kretinsky to seek assurances that Royal Mail will remain headquartered and tax-resident in the UK. My Reynolds also wants a commitment from Mr Kretinsky to "Work closely with the Communication Workers Union to build a sustainable Royal Mail".
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