A Czech billionaire is reportedly closing in on a deal to buy Royal Mail. According to source, the sale of the postal service and courier company is close to being finalised to Daniel Kretinsky’s EP Group.
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00:00A Czech billionaire is reportedly closing in on a deal to buy Royal Mail.
00:04According to a source, the sale of the postal service and courier company is close to being
00:08finalised to Daniel Kratinski's EP Group, in a bid to secure the deal, the entrepreneur
00:13has offered the following guarantees.
00:15To maintain a one-price-goes-anywhere universal service, which means delivery of letters six
00:21days per week.
00:22To not rate the pension surplus.
00:24To keep the brand name and Royal Mail's headquarters and tax residency in the UK for the next five
00:29years.
00:30To respect union demands for no compulsory redundancies to take place until 2025.
00:36Business Secretary Jonathan Reynolds referred to the Czech billionaire as a legitimate business
00:40figure.
00:41A spokesperson for the CWU also said its meetings so far with the EP Group have been honest
00:47and constructive and are set to continue in the coming days.
00:51The board of Royal Mail owner, International Distribution Services, has recommended the
00:56£3.6 billion offer price to its shareholders and it is expected sufficient numbers of them
01:02will accept, allowing the deal to go ahead.