Royal Mail agrees £3.6bn takeover by Czech tycoon

ROYAL MAIL is heading for foreign ownership for the first time in its 508year history after its parent company accepted a £3.6 billion takeover bid, but questions remain over the institution's status as the UK's universal postal service provider beyond 2029.

- Daniel O’Boyle

International Distributions Services, which owns Royal Mail as well as a Dutch deliveries business, today revealed that it had recommended a 370p-per-share bid from Czech energy and media tycoon and West Ham part-owner - Daniel Křetínský, via his EP Group business.

The acquisition will take Royal Mail's parent company off the London stock market 11 years after it was privatised.

Křetínský said: "IDS, and Royal Mail in particular, form part of the national infrastructure of the countries they operate in. More than that, Royal Mail is part of the fabric of UK society and has been for hundreds of years.