Latest news with #Kretinsky
Reuters
06-07-2025
- Business
- Reuters
Royal Mail reaches three-year pay deal with workers union
July 3 (Reuters) - International Distribution Services ( opens new tab said on Thursday Royal Mail and the Communication Workers Union (CWU) have agreed on a three-year pay deal. Royal Mail, whose iconic red post boxes with the Royal Crest dot the country, has struggled with labour strikes, competition and loss of market share. CWU, the largest union of the UK's Royal Mail, has held multiple strikes in 2022 and 2023, with workers as well as businesses grappling with soaring inflation. The CWU will shortly issue a ballot with a recommendation to accept and the agreement that includes a three-year basic pay increase made up of a 4.2% increase in 2025, an inflation-linked increase of at least 2% in 2026 and 2% in 2027, IDS said. Subject to a positive ballot outcome, the increase will be backdated to 1 April 2025. IDS agreed to a takeover by Czech billionaire Kretinsky in May 2024. The deal was cleared in December after Britain secured commitments from Kretinsky to protect the more than 500-year-old company and the future of thousands of workers and customers. In late June, EP Group said Kretinsky will become the chairman of Royal Mail. The CWU did not immediately respond to a Reuters request for comment.
South Wales Guardian
27-06-2025
- 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
27-06-2025
- 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
27-06-2025
- 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
27-06-2025
- 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.
