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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

☆ Royal Mail owner IDS set to agree $4.4 bln Kretinsky takeover bid
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

IDS owns UK's Royal Mail, which is loss making, and international parcels network GLS. Royal Mail was privatised in 2013 in one of Britain's biggest state sell-offs in decades. It is expected the commitment to offer these contractual undertakings to the British government would be reflected in the cooperation agreement between the parties if a firm offer is made, it added. EP Group now has until May 29 to make a formal offer or walk away. EP is a 100% shareholder in VESA Equity investment which owns Kretinsky's IDS stake of nearly 28%.

Persons: Daniel Kretinsky, Keith Williams Organizations: International, Services, IDS, Royal Mail, UK's, Royal, National Security and Investment, Reuters, Equity Locations: Czech, London, Britain, British

NatWest Group bank logo and decreasing stock graph are seen in this illustration taken March 12, 2023. "I will explore options for a NatWest retail share offer in the next 12 months subject to supportive market conditions and achieving value for money," Hunt said on Wednesday. NatWest shares dipped on Hunt's comments and were last down 1.1% at 204.7 pence, compared with a 0.2% fall in the FTSE 100 (.FTSE) index. The stock is the worst performing FTSE 100 British bank stock this year, down more than a fifth, according to Eikon data. That investment turned sour for many and shares in the renamed holding company International Distributions Service (IDSI.L) are now worth 25% less than its 330 pence offer price.

Persons: Dado Ruvic, Jeremy Hunt, Hunt, Sid, Alasdair Haynes, Nigel Farage, Alison Rose, Iain Withers, Sinead Cruise, David Milliken, Sarah Young, William James, Elaine Hardcastle, Alexandra Hudson Organizations: NatWest Group, REUTERS, Companies, NatWest, Aquis, Royal Mail, Distributions Service, Alexandra Hudson Our, Thomson

☆ Britain’s Royal Mail can’t deliver letters and parcels on time
▼ + stars: | 2023-11-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —An entire museum in London is dedicated to celebrating the 500-year-long history of British postal services. Royal Mail, the official postal service of the United Kingdom, cannot deliver letters and parcels on time, according to the country’s communications regulator. Royal Mail has struggled with falling demand for parcel deliveries as hard-pressed consumers cut spending and as a surge in online shopping during the Covid-19 pandemic has faded. “Last year was uniquely challenging for Royal Mail,” the postal and delivery services group said in a statement Monday. It’s the second time in three-and-a-half years that Ofcom has fined Royal Mail for late deliveries.

Persons: “, ”, Ian Strawhorne, King Henry VIII, “ rightsize, hasn’t, Strawhorne Organizations: London CNN, Mail, Ofcom, London, Royal Mail, Royal, International Distributions Services, Stansted Airport, Services Locations: London, United Kingdom, British

☆ Royal Mail's owner picks international parcels boss as group CEO
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

July 20 (Reuters) - Royal Mail's parent group International Distributions Services (IDS) (IDSI.L) appointed Martin Seidenberg, CEO of the group's international parcels network, as its new group CEO on Thursday. Seidenberg will be tasked with mending relationships with labour union CWU and driving the group and the loss-making UK business back to profitability. He will be appointing CEOs for the two units - its UK business Royal Mail and GLS - in due course, the company said. Seidenberg said Royal Mail has "plenty of opportunity ahead" given its brand and scale. Simon Thompson, the current CEO of Royal Mail announced his resignation earlier this year after months of labour strife.

Persons: Martin Seidenberg, Seidenberg, Simon Thompson, GLS, Yadarisa, Dhanya Ann Thoppil, Janane Venkatraman, Sonali Paul Organizations: International, Services, GLS, IDS, Royal Mail, Deutsche Post DHL, Royal, Thomson Locations: Bengaluru

☆ UK workers at Royal Mail accept pay deal, ending long dispute
▼ + stars: | 2023-07-11 | by ( Muvija M | ) www.reuters.com time to read: +2 min

[1/2] A Royal Mail sign is pictured on a delivery lorry at the Mount Pleasant mail centre in London, Britain, February 2, 2023. REUTERS/Peter Cziborra/File PhotoLONDON, July 11 (Reuters) - British postal workers have voted overwhelmingly in favour of a three-year pay deal with employer Royal Mail, ending a long dispute that has cost the company hundreds of millions of pounds and prompted the departure of its boss. "This has been the most challenging period in both the history of the union and the company," Communication Workers Union (CWU) General Secretary Dave Ward said in a statement on Tuesday. Simon Thompson, who took over as Royal Mail's CEO in early 2021, drew heavy criticism from the CWU over his handling of the pay dispute. Royal Mail's parent, International Distributions Services Plc (IDS) (IDSI.L), said the agreement provided Royal Mail a platform for the next phase of "stabilising the business whilst continuing to drive efficiencies and change".

Persons: Peter Cziborra, Dave Ward, Simon Thompson, Muvija, William James, Mark Potter Organizations: Mount, REUTERS, Royal Mail, Communication Workers Union, Royal, International, Services, IDS, Thomson Locations: Mount Pleasant, London, Britain

☆ UK's IDS targets return to profit after Royal Mail beats expectations
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

The economic climate remains challenging, and Royal Mail faces the task of rebuilding business from the damage caused by industrial action," Chairman Keith Williams said in a statement. International Distributions Services (IDS) is targeting a group adjusted operating profit in this financial year, said the group, which is still looking for a replacement for Royal Mail CEO Simon Thompson. IDS, which includes Royal Mail UK and international operations GLS, reported a group adjusted operating loss of 71 million pounds for the year ended March 26, compared with a profit of 758 million pounds a year earlier. Analysts on average had expected a loss of 114 million pounds, according to a company-compiled consensus. Analysts on average had expected Royal Mail UK's adjusted operating loss to come in at 449 million pounds for the year.

☆ Royal mail resumes more services after cyber incident
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 26 (Reuters) - British postal firm Royal Mail is restarting some of its international export services, the company said on Thursday, two weeks after its operations were disrupted by what it called a "cyber incident." Royal Mail will be resuming its International Tracked and Signed, and International Signed services to all destinations for business account customers and customers buying postage online from Jan. 26, the company said in an update posted on its website. Parcel, large letter and letter formats of these services will be restarted, said the company, which is part of London-listed International Distributions Services Plc (IDSI.L). We are using alternative solutions and systems, which are not affected by the recent cyber incident," Royal Mail said. Royal Mail, one of the world's largest post and parcel firms, started to move limited volumes of export parcels last week, following an announcement on Jan. 11 that its international export services was severely disrupted by a cyber incident.

☆ Britain's Royal Mail begins moving some export parcels after cyber incident
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 18 (Reuters) - Britain's Royal Mail said on Wednesday it had begun moving limited volumes of export parcels as it trials "operational workarounds", after a cyber incident severely disrupted its international export services last week. However it said that while it trials the workarounds, it was continuing to ask customers not to submit new export parcels. "Our initial focus will be to clear mail that has already been processed and is waiting to be despatched," Royal Mail said in a statement. Royal Mail, one of the world's largest post and parcel firms, said it was still working with external experts, security authorities and regulators to mitigate the impact of the incident. Royal Mail declined to comment on the report.

☆ Ransomware group with links in Russia behind UK Royal Mail incident -Telegraph
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 12 (Reuters) - A cyber incident that led to severe disruption to Royal Mail's international export services was caused by Lockbit, a ransomware group which some cybersecurity experts say has members in Russia, Britain's Telegraph newspaper reported. To prevent a build-up of export items in its network, the British postal company, which is part of part of International Distributions Services (IDSI.L), has advised customers not to post international export items until further notice. Royal Mail, which declined to comment on the Telegraph report, earlier said it had engaged external experts and notified security authorities as it investigates the incident. Lockbit, which some cybersecurity experts say has members in Russia, also claimed to have attacked a French cosmetics firm called Nuxe, Le Parisien newspaper reported on Thursday. Reporting by Sachin Ravikumar, additional reporting by Tassilo Hummel in Paris; Editing by Hugh Lawson and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Royal Mail's export services disrupted after 'cyber incident'
▼ + stars: | 2023-01-11 | by ( ) www.cnbc.com time to read: 1 min

Britain's Royal Mail said on Wednesday it was facing severe disruption to its international export services following what it described as "a cyber incident". "We are temporarily unable to despatch items to overseas destinations," Royal Mail, one of the world's largest post and parcel firms, said in a service update on its website. It advised customers to temporarily hold any export mail items while it works to resolve the issue. The company, part of International Distributions Services Plc , said it was working with external experts to investigate the incident and had also reported it to regulators and security authorities. Royal Mail said its import services remained operational, albeit with minor delays.

☆ Royal Mail export services severely disrupted after 'cyber incident'
▼ + stars: | 2023-01-11 | by ( Sachin Ravikumar | ) www.reuters.com time to read: +2 min

LONDON, Jan 11 (Reuters) - Britain's Royal Mail said on Wednesday it was facing severe disruption to its international export services following what it described as "a cyber incident". "We are temporarily unable to despatch items to overseas destinations," Royal Mail, one of the world's largest post and parcel firms, said in a service update on its website. It advised customers to temporarily hold any export mail items while it works to resolve the issue. The "cyber incident" is the latest in a growing list of high-profile cybersecurity events in Britain. Royal Mail said its import services remained operational, albeit with minor delays.

☆ Postal workers in the UK launch Black Friday strike as industrial action sweeps the country
▼ + stars: | 2022-11-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON - Strikers from the CWU Trade Union attend the picket line at Peckham Royal Mail centre on November 24, 2022 in London, England. Strikes planned for the Black Friday weekend and the run-up to Christmas will go ahead after talks between Royal Mail and the Communication Workers Union ended without agreement. LONDON — Thousands of postal workers in the U.K. are on a two-day strike, disrupting Black Friday after talks between Royal Mail and the Communication Workers Union fell through. Leaders of the trade union, which represents around 115,000 striking postal workers, re-entered negotiations with Royal Mail executives early last month, with talks now having spanned seven months. In a statement, the CWU warned of "the end of Royal Mail as we know it."

☆ Royal Mail parent slides to half-yearly loss as UK business drags
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Royal Mail's parent company International Distributions Services (IDSI.L) on Thursday reported a first-half loss of 57 million pounds ($67.88 million) as higher costs and disruptions arising from strikes by its postal workers put a strain on its finances. The former British postal monopoly, which recently changed the name of its holding company from Royal Mail Plc, still expects full-year adjusted operating loss for Royal Mail - its UK business - of around 350 million to 450 million pounds. It is targeting for Royal Mail to return to adjusted operating profit in full year 2024-25. Royal Mail had said it could cut up to 10,000 jobs and warned of more layoffs and even deeper financial losses if it cannot reach an agreement with the CWU. ($1 = 0.8397 pounds)Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Royal Mail pauses access to online service after glitch
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Customers could see information on other users' ordersClick and drop website temporarily disabledRoyal Mail says fix "highest priority"Nov 1 (Reuters) - Royal Mail on Tuesday temporarily stopped access to its online postage and parcel tracking service after reports some customers were able to see information on other users' orders, the British company said. The problem seems to have started around 1300 GMT, according to a website tracking the developments, but Royal Mail, owned by International Distributions Services (IDSI.L), did not give details of how many customers' data may have been compromised nor how long it might take to bring the website back online. "We fully understand and apologise for the inconvenience caused by this. Royal Mail's "click and drop" service allows customers to pay for postage online, print labels, and track parcels and posts once they have been dropped off, and is used by individuals and businesses. Reporting by Pushkala Aripaka in Bengaluru; Editing by Maju Samuel and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ UK will not take action over Czech mogul's plan to raise Royal Mail stake
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Britain is no longer intervening in Czech billionaire Daniel Kretinsky's plan to increase his stake in Royal Mail parent International Distributions Services (IDSI.L), sending the company's shares up more than 7% on Monday. In August, Royal Mail said it had been notified by then business minister Kwasi Kwarteng that he was exercising powers to look into proposals by Kretinsky's vehicle, Vesa Equity Investment, under the National Security and Investment Act. The Royal Mail review came days after the government decided not to take action over billionaire Patrick Drahi's stake in telecoms firm BT (BT.L). Vesa, Royal Mail's biggest shareholder which is ultimately controlled by Kretinsky and his business partner Patrik Tkac, in August said it had voluntarily contacted the government to inform them of its intention to increase its stake in Royal Mail, which is currently just over 22%. "Vesa Equity Investment welcomes the decision ... and reiterate our commitment to continuing long term investment presence in the U.K., including our partnership with Royal Mail," a spokesperson said.

☆ Royal Mail could cut 5,000-6,000 jobs by next August
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Oct 14 (Reuters) - Royal Mail could cut as many as 5,000 to 6,000 jobs by the end of August next year, parent company International Distributions Services (IDSI.L) said on Friday, as the British company remains locked in a bitter dispute with its largest labour union. The Communication and Workers Union (CWU), representing 115,000 Royal Mail postal workers, have held strikes in September and early October, and have threatened more strikes this month and next. Royal Mail would post an adjusted operating loss of around 350 million pounds this year, after taking into account the hit from the strikes that have taken place or are scheduled, International Distributions Services forecast. The company said there could be more job losses at Royal Mail, its UK business, if strikes went ahead during the holiday period. Royal Mail, the former British postal monopoly recently changed the name of its holding company to International Distributions Services from Royal Mail Plc.

☆ UK's Royal Mail reveals plans to cut up to 6,000 jobs by next summer
▼ + stars: | 2022-10-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Royal Mail revealed plans Friday to cut up to 6,000 jobs by next summer following a summer of strikes by postal workers in the U.K."We will be starting the process of consulting on rightsizing the business in response to the impact of industrial action, delays in delivering agreed productivity improvements and lower parcel volumes," Royal Mail's parent group, recently renamed International Distributions Services , said in a release. "Based on current estimates, c.5,000-6,000 redundancies may be required by end of August 2023." The group on Friday reported a half-year adjusted operating loss of £219 million ($247.2 million), citing around £70 million of direct negative impact from three days of postal worker strikes. CNBC reported last week that leaders of the CWU (Communication Workers' Union) were in talks with Royal Mail bosses, including CEO Simon Thompson, as the company looks to avert a further 16 days of industrial action threatened by the union. It now expects to make a full-year operating loss of around £350 million, including the "direct, immediate impact of eight days of industrial action which have taken place or been notified to Royal Mail."

☆ FTSE rallies on hopes of fiscal plan reversal
▼ + stars: | 2022-10-14 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

The blue-chip FTSE 100 (.FTSE) gained 0.9%, while the domestically focussed FTSE 250 (.FTMC) added 0.9%. Both indexes have recouped a large part of their losses this week but remain on track to record their fourth weekly decline in five. However, futures point to a weak start for U.S. stocks on Friday, with investors nervously awaiting quarterly reports from big Wall Street banks. read moreEmerging markets-focussed investment group Ashmore (ASHM.L) dipped 2.6% after reporting an $8 billion fall in assets under management for the September quarter. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

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