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U.K. Parliament Committee to Review Royal Mail Sale Proposals

July 19 (Bloomberg) -- The U.K. Parliament’s Business, Innovation and Skills Committee will carry out an inquiry into the proposed privatization of Royal Mail Group Ltd.

Business Secretary Vince Cable has been invited to testify to the committee on the sale of shares in Royal Mail on Sept. 10, the panel said in an e-mailed statement today. The committee also asked for written submissions by Aug. 30.

Cable announced on July 10 a plan to sell a majority stake in the 360-year-old postal service in an initial public offering by the end of March.

Ten percent of shares will go free to staff and retail investors will be offered stock on the same terms as institutional investors. The sale will be the largest U.K. privatization since then Prime Minister John Major broke up British Rail in the 1990s.

To contact the reporter on this story: Thomas Penny in London at tpenny@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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