The owner of Britain's Royal Mail said on Wednesday that it had accepted a takeover offer worth 3.6 billion pounds ($4.6 billion) from Czech investor Daniel Kretinski.
Under the deal, Křetínský's EP Group will buy International Distribution Services, which owns Royal Mail, for 370 pence ($4.72) per share.
Including debt, the deal values IDS at 5.2 billion pounds ($6.6 billion).
She said the EP group would introduce a series of “contractual commitments and intentions” to protect the public service aspects of the 500-year-old postal service.
Long-time state-owned Royal Mail was privatized by the UK's Conservative government in 2013 and has struggled financially.
“Royal Mail is as British as it gets,” Jonathan Reynolds, the shadow secretary of state for business and trade and an MP, wrote in a letter dated May 15. letter For EP group. “The Labor Party will take the necessary steps to protect its identity and undeniable place in public life.”
No significant job losses are planned as part of the deal, which must be approved by shareholders, IDS said. Under the plan, Royal Mail will retain its name, brand, UK headquarters and commitment to delivering mail six days a week.
Kretinsky, who already owns a 27% stake in Royal Mail's parent company, has an extensive portfolio of business interests across Europe. In the Czech Republic, he owns book publishing houses, a daily sports newspaper and magazines, and co-owns the French newspaper Le Monde. He has stakes in companies including Macy's, Foot Locker and UK supermarket chain Sainsbury's.
He also owns a stake in the English Premier League football team West Ham.
Kretinsky said his company “has the utmost respect for the history and traditions of Royal Mail, and I know that owning this company will come with enormous responsibility – not only for employees but also for the citizens who rely on its services every day.”
Dave Ward, general secretary of the Communications Workers Union, said he welcomed some of the commitments, but added that “the reality is that postal workers across the UK have lost all confidence in Royal Mail's senior management and the service has been deliberately curtailed.” “.
“We will meet with the EP group next week and call for a complete reset in employee-industrial relations, the restoration of postal services and further commitments on the future of the company,” he said.
