Royal Mail owner agrees to ₤3.6 billion takeover by Czech billionaire Kretinsky

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.

“The IDS Board has negotiated a far-reaching package,” Chairman Keith Williams said in a statement.

It includes the provision of the ‘one-price-goes-anywhere’ Universal Service

Obligation, the maintenance of employee benefits and pensions and ensuring Royal Mail remains headquartered and tax resident in the UK, he added.

“The scale of the commitments we are offering to the company and the UK Government reflect how seriously we take this responsibility, to the benefit of IDS’ employees, union representatives and all other stakeholders,” Kretinsky said.

Source: TRADE FINANCE