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The board of the company that owns Royal Mail has agreed to a formal takeover offer for the 500-year-old organisation.
Czech billionaire Daniel Kretinsky has firmed up an offer of £5bn, including assumed debts, for the company which employs more than 150,000 people.
The entrepreneur said he had the “utmost respect” for its history and tradition.
The offer includes commitments to retain the name, brand, UK headquarters and UK tax residency, as well as protections for employee benefits and pensions.
Business Secretary Kemi Badenoch, who has yet to meet Mr Kretinsky, has the power under the National Security and Investment Act to scrutinise and potentially block the deal.
Markets seem to think there is a chance the deal will be blocked by the current or any future government as the shares in Royal Mail’s parent company are trading at a discount…
