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☆ 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

☆ Royal Mail is on the brink. Cutting letter deliveries to 3 days a week could save it
▼ + stars: | 2024-01-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Royal Mail could ditch its near-daily deliveries of letters as the centuries-old British institution attempts to modernize its service and plug a growing hole in its finances. Ofcom, the UK regulator overseeing the postal service, published proposals to rescue the beleaguered company Wednesday. It said Royal Mail could save as much as £650 million ($828 million) a year if it cut letter deliveries to three days a week from the current six. The number of letters sent via the Royal Mail network had halved since 2011, and financial losses have ballooned. Among its other proposals, Ofcom suggested that Royal Mail could save up to £200 million ($255 million) a year by cutting its letter deliveries down to five days a week, or by extending the time it takes to get mail to customers.

Persons: “ Something’s, ” Melanie Dawes, Kevin Hollinrake, Martin Seidenberg Organizations: London CNN — Royal, Ofcom, Royal Mail, BBC, United, Services, CNN, Royal, International Distribution Services Locations: ”

☆ Royal Mail's largest labour union rejects new conditional pay offer
▼ + stars: | 2022-10-31 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +2 min

Royal Mail and the Communication Workers Union (CWU) last week agreed to engage in talks through arbitration to resolve the months-long pay dispute and on Sunday the CWU withdrew its planned strike action in Britain in the next two weeks. Royal Mail's latest offer includes a 7% salary increase over two years, plus a lump sum payment of 2% of pay this year, but was subject to CWU agreeing to several changes including to Sunday working, start times and flexible working. The CWU, which represents more than 115,000 postal workers at Royal Mail, rejected the offer and said it would vote to take further strike action. "It (the offer) includes more unacceptable changes and a derisory 7% two-year pay offer that is well below projected inflation for both years," the CWU said in a statement. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shailesh Kuber and David EvansOur Standards: The Thomson Reuters Trust Principles.

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