Business
Royal Mail takeover by Czech billionaire approved
The sale of Royal Mail’s parent company to a Czech billionaire has been cleared by the government.
The £3.6bn takeover by Daniel Kretinsky’s EP Group has been given the go-ahead after agreeing “legally binding” undertakings.
The government will retain a so-called “golden share” that will require it to approve any major changes to Royal Mail’s ownership, HQ location and tax residency.
EP Group will also have to maintain the one-price-goes-anywhere Universal Service Obligation (USO), which currently means it has to deliver letters six days per week, Monday to Saturday, and parcels Monday to Friday.