20th Dec 2024 10:44
International Distribution Services PLC - London-based post and parcels delivery firm that owns Royal Mail - Acquisition by Daniel Kretinsky's EP Group AS gets UK security clearance. The UK government on Monday confirmed it had cleared the way for the 500-year-old postal service to pass into foreign ownership for the first time, having secured legally-binding commitments from Kretinsky to maintain a universal service. However the GBP5.3 billion deal still was conditional on separate clearance under the UK National Security & Investment Act 2021. This was confirmed by the chancellor of the Duchy of Lancaster, who is Pat McFadden. Some regulatory conditions remain to be satisfied, but EP says on Friday it expects the IDS takeover offer to be declared unconditional in the first quarter of 2025. Read More
