Czech billionaire Daniel Kretinsky takes charge of Royal Mail after £3.6b takeover
LONDON, June 27 — Czech billionaire Daniel Kretinsky has been named chairman of Britain's centuries-old Royal Mail following a takeover of its parent company, his firm EP Group announced on Friday.
EP Group completed its £3.6-billion (RM20.9 billion) takeover of International Distribution Services (IDS) earlier this month, bringing the postal service under foreign ownership for the first time.
Kretinsky will chair the boards of both Royal Mail and its parent company IDS, following the group's exit from London's stock exchange.
The group has also issued a so-called golden share to the UK government, granting it veto power to ensure the postal operator's headquarters and tax residency remain the UK.
Former state monopoly Royal Mail, which was privatised in 2013, has suffered in recent years from falling parcel volumes, delays in delivering mail and strikes over pay.
Kretinsky agreed the deal to buy the postal operator in May last year.
However, he only won government approval in December after making several commitments, notably maintaining the Universal Service Obligation to deliver mail six days a week to all 32 million UK addresses for the price of a stamp.
The 49-year-old Czech businessman made his fortune in the energy sector before ramping up investments across various countries and sectors.
He owns a stake in British supermarket Sainsbury's, Premier League club West Ham United and Elle magazine. — AFP
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a day ago
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LONDON, June 27 — Czech billionaire Daniel Kretinsky has been named chairman of Britain's centuries-old Royal Mail following a takeover of its parent company, his firm EP Group announced on Friday. EP Group completed its £3.6-billion (RM20.9 billion) takeover of International Distribution Services (IDS) earlier this month, bringing the postal service under foreign ownership for the first time. Kretinsky will chair the boards of both Royal Mail and its parent company IDS, following the group's exit from London's stock exchange. The group has also issued a so-called golden share to the UK government, granting it veto power to ensure the postal operator's headquarters and tax residency remain the UK. Former state monopoly Royal Mail, which was privatised in 2013, has suffered in recent years from falling parcel volumes, delays in delivering mail and strikes over pay. Kretinsky agreed the deal to buy the postal operator in May last year. However, he only won government approval in December after making several commitments, notably maintaining the Universal Service Obligation to deliver mail six days a week to all 32 million UK addresses for the price of a stamp. The 49-year-old Czech businessman made his fortune in the energy sector before ramping up investments across various countries and sectors. He owns a stake in British supermarket Sainsbury's, Premier League club West Ham United and Elle magazine. — AFP
