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Royal Mail’s £3.6 billion takeover by Czech billionaire Daniel Kretinsky has been passed by its shareholders, paving the way for the more than 500-year-old company to be taken into foreign ownership for the first time.
International Distribution Services (IDS), Royal Mail’s owner, first agreed to the acquisition in May last year.
It was cleared by the UK Government in December, but has faced delays as it waited for approval from authorities in Romania amid political upheaval in the country.
Investors holding 80% of the group’s share capital had approved the takeover by Wednesday afternoon, making the offer “unconditional”, EP announced.
It needed the approval of at least 75% of the shareholding.
IDS shares are expected to stop trading on the London Stock Exchange by June 2 as the company moves to private ownership.
Mr Kretinsky, EP’s founder and chairman, said: “We are delighted to have secured the overwhelming support of IDS’s shareholders for our offer.”
He said it was committed to “putting employees and customers at the heart of everything IDS does” and in “sharing the fruits of success with employees”.
“Employees are at the centre of our plans for the business and we know we will only succeed with a clear, shared vision for the future that we can all work towards,” he added.
Keith Williams, the chair of IDS, said: “Both the IDS board and EP are acutely aware of the unique heritage of Royal Mail.
“We have been pleased to secure a far-reaching package of legally binding undertakings and commitments, which have been endorsed by Government.
“These provide our customers, colleagues and broader stakeholders with safeguards for the provision of the universal service obligation, the ongoing financial stability of Royal Mail, the maintenance of colleague benefits, and Royal Mail’s broader role in the United Kingdom.”
Commitments to protect the universal service obligations, as well as a vow to keep the brand name and headquarters in the UK for the next five years, have formed part of a number of pledges to soothe concerns over the takeover.
Dave Ward, the general secretary of the Communication Workers Union, said: “Today represents a pivotal moment in the history of Royal Mail – one of our country’s most iconic and important companies.
“The CWU have reached a groundbreaking agreement with EP Group that provides the platform for a fresh start and the rebuilding of Royal Mail.
“We will not hesitate to challenge EP Group if they do not fulfil their obligations to postal workers and customers.”
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