Latest news with #IDS
Malay Mail
a day ago
- Business
- Malay Mail
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
South Wales Guardian
a day ago
- Business
- South Wales Guardian
Czech billionaire Kretinsky named chairman of Royal Mail after takeover
Mr Kretinsky's EP Group said that, following the closure of the deal earlier this month, he would head up the board as chairman of both Royal Mail and its parent company International Distribution Services (IDS). Confirmation of the appointment came after IDS formally left the London Stock Exchange on June 2 after being taken over by Mr Kretinsky. In April, shareholders approved the £3.6 billion takeover deal, giving the more than 500-year-old company a foreign owner for the first time. Royal Mail's new owner also said on Friday that it had issued a £1 so-called golden share to the UK Government, as agreed under the deal. The golden share means the firm must keep Royal Mail's headquarters and tax residency in the UK. EP added that it has changed Royal Mail's articles of association to include the rights of the Government, and to set up an advisory committee in line with pledges made to trade unions the Communication Workers Union and Unite, as well as the Competition and Markets Authority. EP Group recently appointed former UK trade minister Greg Hands as a full-time strategic adviser. Mr Hands, who was minister for trade policy until last summer when he lost his seat in the House of Commons, will advise the business with a 'special focus on the UK and Germany'. Mr Kretinsky – dubbed the Czech Sphinx – agreed the deal to buy Royal Mail's owner in May last year, but it was not cleared until December after he made a raft of commitments over the future of the service and its workers. He was already the biggest shareholder in IDS, which also owned parcel business GLS, prior to the deal.
Powys County Times
a day ago
- Business
- Powys County Times
Czech billionaire Kretinsky named chairman of Royal Mail after takeover
Czech billionaire Daniel Kretinsky is to become chairman of Royal Mail after completing the £3.6 billion takeover of the postal service. Mr Kretinsky's EP Group said that, following the closure of the deal earlier this month, he would head up the board as chairman of both Royal Mail and its parent company International Distribution Services (IDS). Confirmation of the appointment came after IDS formally left the London Stock Exchange on June 2 after being taken over by Mr Kretinsky. In April, shareholders approved the £3.6 billion takeover deal, giving the more than 500-year-old company a foreign owner for the first time. Royal Mail's new owner also said on Friday that it had issued a £1 so-called golden share to the UK Government, as agreed under the deal. The golden share means the firm must keep Royal Mail's headquarters and tax residency in the UK. EP added that it has changed Royal Mail's articles of association to include the rights of the Government, and to set up an advisory committee in line with pledges made to trade unions the Communication Workers Union and Unite, as well as the Competition and Markets Authority. EP Group recently appointed former UK trade minister Greg Hands as a full-time strategic adviser. Mr Hands, who was minister for trade policy until last summer when he lost his seat in the House of Commons, will advise the business with a 'special focus on the UK and Germany'. Mr Kretinsky – dubbed the Czech Sphinx – agreed the deal to buy Royal Mail's owner in May last year, but it was not cleared until December after he made a raft of commitments over the future of the service and its workers. He was already the biggest shareholder in IDS, which also owned parcel business GLS, prior to the deal.
Rhyl Journal
a day ago
- Business
- Rhyl Journal
Czech billionaire Kretinsky named chairman of Royal Mail after takeover
Mr Kretinsky's EP Group said that, following the closure of the deal earlier this month, he would head up the board as chairman of both Royal Mail and its parent company International Distribution Services (IDS). Confirmation of the appointment came after IDS formally left the London Stock Exchange on June 2 after being taken over by Mr Kretinsky. In April, shareholders approved the £3.6 billion takeover deal, giving the more than 500-year-old company a foreign owner for the first time. Royal Mail's new owner also said on Friday that it had issued a £1 so-called golden share to the UK Government, as agreed under the deal. The golden share means the firm must keep Royal Mail's headquarters and tax residency in the UK. EP added that it has changed Royal Mail's articles of association to include the rights of the Government, and to set up an advisory committee in line with pledges made to trade unions the Communication Workers Union and Unite, as well as the Competition and Markets Authority. EP Group recently appointed former UK trade minister Greg Hands as a full-time strategic adviser. Mr Hands, who was minister for trade policy until last summer when he lost his seat in the House of Commons, will advise the business with a 'special focus on the UK and Germany'. Mr Kretinsky – dubbed the Czech Sphinx – agreed the deal to buy Royal Mail's owner in May last year, but it was not cleared until December after he made a raft of commitments over the future of the service and its workers. He was already the biggest shareholder in IDS, which also owned parcel business GLS, prior to the deal.
North Wales Chronicle
a day ago
- Business
- North Wales Chronicle
Czech billionaire Kretinsky named chairman of Royal Mail after takeover
Mr Kretinsky's EP Group said that, following the closure of the deal earlier this month, he would head up the board as chairman of both Royal Mail and its parent company International Distribution Services (IDS). Confirmation of the appointment came after IDS formally left the London Stock Exchange on June 2 after being taken over by Mr Kretinsky. In April, shareholders approved the £3.6 billion takeover deal, giving the more than 500-year-old company a foreign owner for the first time. Royal Mail's new owner also said on Friday that it had issued a £1 so-called golden share to the UK Government, as agreed under the deal. The golden share means the firm must keep Royal Mail's headquarters and tax residency in the UK. EP added that it has changed Royal Mail's articles of association to include the rights of the Government, and to set up an advisory committee in line with pledges made to trade unions the Communication Workers Union and Unite, as well as the Competition and Markets Authority. EP Group recently appointed former UK trade minister Greg Hands as a full-time strategic adviser. Mr Hands, who was minister for trade policy until last summer when he lost his seat in the House of Commons, will advise the business with a 'special focus on the UK and Germany'. Mr Kretinsky – dubbed the Czech Sphinx – agreed the deal to buy Royal Mail's owner in May last year, but it was not cleared until December after he made a raft of commitments over the future of the service and its workers. He was already the biggest shareholder in IDS, which also owned parcel business GLS, prior to the deal.
