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Royal Mail sold to Czech billionaire 'Sphinx' for £3.5bn
Daily Express
|May 30, 2024
ROYAL Mail bosses have accepted a £3.57billion takeover by a Czech billionaire nicknamed The Sphinx.
Energy tycoon Daniel Kretinsky, 48, is also a major shareholder in Sainsbury's and West Ham United, known for an inscrutable nature and for protecting his privacy.
He will pay £3.70 a share for Royal Mail owner International Distribution Services with his EP Group giving "contractual commitments and intentions" to protect the parts of the carrier's business that perform a public service.
Kretinsky's personal fortune is estimated at £5.7billion.
Royal Mail will keep its branding, its UK headquarters and obligation to a one-price nationwide first-class post six days a week.
IDS claimed there is "no intention to make any material changes to overall headcount" or reductions in frontline workers.
This story is from the May 30, 2024 edition of Daily Express.
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