The British Labour government of Prime Minister Keir Starmer approved the takeover of UK postal service Royal Mail by Czech oligarch Daniel Křetínský.
The Financial Times reported the £5.3bn (€6.4bn) sale on Monday, 16 December, citing people familiar with the matter.
As part of the final deal, the UK government will retain a so-called ‘golden share’ in the postal service giving it special rights over the governance of the company.
The authorisation should also entail a number of obligations, such as retaining Royal Mail UK’s headquarters, recognising the employees’ union and complying with “the obligation to deliver mail everywhere in the UK at the same cost.”
Křetínský’s EP Group sealed the deal to buy International Distribution Services (IDS), Royal Mail’s owner, after its improved offer was recommended by the company’s board in May. Křetínský already controls a 27.5% stake in IDS, which also owns Dutch parcel delivery business GLS.
In addition to his past contacts with Gazprom and senior Russian business figures, Křetínský has also been criticised by environmental and energy analysts in Central Europe for his carbon footprint.
Royal Mail, which has existed for more than 500 years, faces scrutiny over its future shape and operations in a world dominated by the e-commerce services of global technology giants. The company employs more than 160,000 people and has recently been rocked by industrial action.
