Hunt vows to ‘protect what people want from Royal Mail’ in £3.6bn takeover

Mr Kretinsky, who is already the largest shareholder in Royal Mail through his company EP Group, has pledged not to split the group’s lucrative parcels business, GLS, from its struggling letters business.

Under terms set out in his offer, this undertaking would be valid for three years after the deal has completed.

The tycoon has also vowed to keep key Royal Mail services going for five years, including the one-price-goes-anywhere system and Saturday deliveries for first-class post.

Other undertakings include keeping the Royal Mail brand, protecting pensions and keeping the company headquartered and tax resident in the UK, and continuing to recognise its unions.

The swoop by Mr Kretinsky, who is also an investor in Sainsbury’s and West Ham Football Club, means Royal Mail will pass into foreign ownership for the first time in its 500-year-old history.

After his offer was accepted, Mr Kretinsky told the Financial Times: “Royal Mail is going strategically in the right direction, but not with the right speed. If Royal Mail is not capable of defending its market share, it starts a deadly downward spiral.

“Our goal would not be to dispose of GLS but rather it would be to see if we can acquire additional companies. Without us, the businesses perhaps would have been already split.”