14th Jul 2024 11:40
(Alliance News) - Daniel Kretinsky, who is eyeing a takeover for Royal Mail's parent company International Distribution Services PLC, is planning to reduce parcel prices to be more competitive, the Telegraph reported Saturday.
In May, IDS had agreed to a GBP3.57 billion takeover through a special purpose acquisition vehicle owned by J&T Capital Partners as and EP Corporate Group as, a subsidiary of EP Investments SARL.
EP Investments is a Luxembourg-based company founded by Czech billionaire businessman Daniel Kretinsky, who also serves as its chair.
IDS Chair Keith Williams said at the time that the offer included a "far-reaching package" of binding commitments regarding the courier's future operations in the UK.
Czech billionaire Kretinsky plans to lower parcel prices and invest in a network of 20,000 Amazon-style parcel lockers.
EP Group aims to invest as much as GBP800 million on measures over the next three to five years, underlining efforts by Kretinsky to profit from a booming demand in the ecommerce market.
https://www.telegraph.co.uk/business/2024/07/13/czech-sphinx-spend-800m-royal-mails-bid-take-on-amazon/
Royal Mail faces competition from Amazon.com Inc's delivery network, which operates around 5,000 parcel lockers in the UK.
IDS shares had closed 0.7% lower at 330.00 pence each on Friday in London.
By Tom Budszus, Alliance News slot editor
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