UK Approves Czech Billionaire Daniel Kretinsky's £5.3 Billion Bid for Royal Mail Owner, Retaining UK Brand for Five Years

Dec 16, 2024, 04:40 AM

The UK government has approved Czech billionaire Daniel Kretinsky's £5.3 billion ($6.7 billion) bid for the parent company of Royal Mail. This decision allows Kretinsky to proceed with the takeover, which has raised concerns among some politicians and commentators about the future of the iconic British postal service. The agreement stipulates that Royal Mail must retain its brand name, headquarters, and tax residency in the UK for a period of five years. Critics, including former Business Secretary Vince Cable, have urged the Labour Party to block the takeover, citing fears over the implications for public assets and services.