UK Government Approves £3.6 Billion Takeover of Royal Mail's Parent Company by Daniel Kretinsky on December 16, 2024

Dec 16, 2024, 07:19 AM

The UK government has approved the £3.6 billion takeover of Royal Mail's parent company by Czech billionaire Daniel Kretinsky. This decision allows Kretinsky's EP Group to acquire International Distribution Services, the current owner of Royal Mail. The approval marks a significant shift as it enables the postal service to transition into foreign ownership for the first time. As part of the agreement, the Royal Mail brand name, headquarters, and tax residency must remain in the UK for five years. However, concerns have been raised regarding the future of postal deliveries and workers' rights, with some assurances provided by the government. The announcement is expected to be formally made on Monday, December 16, 2024, as Kretinsky's group prepares to take over operations.