Royal Mail Owner Agrees to £3.5 Billion Takeover by Billionaire Daniel Kretinsky
- Deal likely to come under scrutiny before UK election
- The British letter-delivering service used to be state-owned
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Czech billionaire Daniel Kretinsky’s £3.6 billion ($4.6 billion) takeover of the parent of Royal Mail on the eve of a UK general election looks set to unleash a struggle over the future ownership of Britain’s postal service.
The tycoon’s EP Group agreed to buy the shares it doesn’t already own in International Distribution Services Plc and to protect Royal Mail as a “key part of the fabric of UK society.” Kretinsky also pledged not to break up the group for at least three years and to deliver letters six days a week for the next five years.