The sale of Royal Mail’s parent company to a Czech billionaire has been approved by the Government, according to a report.
The takeover by Daniel Kretinsky’s EP Group from current owner International Distribution Services will be announced on Monday, the BBC reported.
Mr Kretinsky is believed to have made several concessions to gain approval, including allowing workers to get a 10% share of any dividends paid out to him.
The Government will reportedly keep a so-called “golden share” that will mean it needs to approve any key changes to Royal Mail’s ownership, headquarter location and tax residency.
He had already guaranteed not to raid the pensions surplus, to maintain the universal service and to keep the brand name and Royal Mail’s headquarters and tax residency in the UK for the next five years.
