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The UK government has approved the £3.6-billion takeover of Royal Mail's parent company by Czech billionaire Daniel Kretinsky’s EP Group, Simon Jack and Nick Edser reported for BBC News.
The golden share retained by the government ensures that its approval is required for any significant changes to Royal Mail's ownership, headquarters location, or tax residency. I Photo: Royal Mail X
The deal comes with "legally binding" conditions, including a golden share retained by the government. This share ensures government approval is required for any significant changes to Royal Mail's ownership, headquarters location, or tax residency.
EP Group has also committed to maintaining the Universal Service Obligation (USO), which guarantees letter deliveries six days a week and parcel deliveries five days a week at a uniform price nationwide.
Earlier this year, Kretinsky pledged to uphold the USO "in whatever form it takes" for the duration of his ownership, stating, "for as long as I am alive."
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