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☆ Royal Mail owner agrees to ₤3.6 billion takeover by Czech billionaire Kretinsky
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: +2 min

Royal Mail's parent company International Distributions Services said on Wednesday it had agreed to a 3.57 billion pound ($4.55 billion) formal takeover offer by Czech billionaire Daniel Kretinsky. The offer valued IDS, which owns Royal Mail and international parcels network GLS, at 370 pence per share. Royal Mail has been trying to transform itself into a parcel-led business as letter volumes declined sharply over the years. Kretinsky has said that private investment in Royal Mail was crucial given its challenging situation with poor service delivery, slow transformation and increasing competition. Any takeover bid for Royal Mail would be subject to "normal" national security scrutiny but it would not be opposed in principle, Finance Minister Jeremy Hunt said earlier.

Persons: Daniel Kretinsky, Keith Williams, Kretinsky, Jeremy Hunt, Jonathan Reynolds Organizations: International, Services, Royal Mail, Service, Government, IDS, Labour, VESA Equity Locations: Czech, London

☆ Britain’s Royal Mail has been bought by Czech billionaire Daniel Křetínský for $4.5 billion
▼ + stars: | 2024-05-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The owner of Royal Mail has accepted a £3.5 billion ($4.5 billion) takeover bid from Czech billionaire Daniel Křetínský, paving the way for the sale of one of Britain’s oldest and most iconic institutions to a foreign owner for the first time. The deal follows a torrid few years for Royal Mail, which was privatized in 2013. “Royal Mail is as British as it gets, and Labour will take the necessary steps to safeguard its undeniable identity and place in public life,” he wrote in the letter, which he posted on X. A low-profile Czech national, Křetínský made his fortune through a sprawling empire of European energy companies, retailers and football clubs. He is worth an estimated $7.7 billion, according to the Bloomberg Billionaires Index, and owns a 27% stake in West Ham United Football Club.

Persons: Daniel Křetínský, Křetínský’s, Jonathan Reynolds, ”, Křetínský Organizations: London CNN, Royal Mail, Distribution Services, Labour Party, Conservative, Labour, Royal, Bloomberg, West Ham United Football Club Locations: Czech, United Kingdom, West

☆ Royal Mail: Meet Czech billionaire Daniel Křetínský who wants to buy Britain’s postal service
▼ + stars: | 2024-05-16 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

It has been operating a postal service in England since the reign of Henry VIII. EP Group has until May 29 to convert its £3.5 billion ($4.4 billion) non-biding offer into a formal bid for IDS. The likely sale would come after a difficult few years for Royal Mail, which was privatized in 2013. ‘As British as it gets’The potential buyout of Royal Mail has stirred anxieties about the consequences of the iconic British institution coming under foreign ownership. “Royal Mail is an important national asset that would benefit from being able to take a longer-term view,” the firm said.

Persons: Henry VIII, Daniel Křetínský, Křetínský, Patrik Tkáč, Rishi Sunak, Kemi Badenoch, Dave Ward, ”, ” Ward, Jonathan Reynolds, ” Ivana Kottasová Organizations: London CNN — Royal Mail, Distribution Services, IDS, Royal Mail, UK Department for Business, Trade, CNN, Bloomberg, Equity Investment, Newsweek, West Ham United Football Club, Reuters, Communication Workers Union, Labour Party, Royal, Labour Locations: England, Czech, British, United States, FNAC, France, United Kingdom, West

☆ Businesses are asking for 'stability' rather than corporation tax cuts, shadow business secretary says
▼ + stars: | 2023-10-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBusinesses are asking for 'stability' rather than corporation tax cuts, shadow business secretary saysJonathan Reynolds, shadow secretary of state for business and trade, tells CNBC about the Labour party's priorities on tax and the economy if it wins power in 2024.

Persons: Jonathan Reynolds Organizations: CNBC, Labour

☆ UK PM Sunak faces first test of comeback credentials in local polls
▼ + stars: | 2023-04-28 | by ( Alistair Smout | ) www.reuters.com time to read: +5 min

With voters going through a cost-of-living crisis and inflation stubbornly high at about 10%, local council votes in much of England on May 4 give Labour an opportunity to prove their electoral credentials. Swindon has returned lawmakers representing the winning party at every national election since 1983, making it a bellwether and a key target for Labour, who chose the town for the launch of their local election campaign. "Whilst Sunak's personal poll ratings aren't great, they're not toxic in the way that his predecessors have been," he said. David Renard, the Conservative leader of Swindon Borough Council, said the national picture might hinder his attempts to focus the campaign on more local issues. In its town centre, many voters expressed unhappiness with the Conservatives but some had a degree of sympathy for Sunak personally.

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