Union close to backing £3.6billion foreign takeover of Royal Mail's owner by billionaire Czech Sphinx

Reports accidental vigor tycoon Daniel Kretinsky has made further concessions to yet unafraid a takeover of Royal Mail's genitor company

The postal national is adjacent to backing a £3.6billion overseas takeover of Royal Mail’s owner.

The Mirror understands that Dave Ward, wide caput of the Communication Workers Union, is owed to person meetings with tycoon Daniel Kretinsky successful the coming days. The brace person held a bid of face-to-face negotiations since the summertime with the purpose of addressing the union’s halfway demands. A national spokesperson described talks up to present arsenic “constructive”. If the last issues tin beryllium resolved, it is imaginable the CWU volition springiness its nationalist enactment to the takeover adjacent week.

Getting the union’s backing comes amid abstracted reports that the takeover of Royal Mail proprietor International Distribution Services is adjacent to being finalised and could beryllium completed successful the adjacent fortnight. This would mean that Royal Mail would autumn into overseas hands for the archetypal clip successful much than 500 years.

Secretive Mr Kretinsky, nicknamed the Czech Sphinx, has reportedly agreed to marque other concessions successful bid to clinch the deal. Mr Kretinsky is already the biggest shareholder successful Royal Mail genitor institution International Distribution Services, with his Vesa Equity Investment limb controlling a 27.5% stake. He besides owns stakes successful Sainsbury’s and West Ham United.

The takeover volition inactive request to beryllium approved nether the National Security and Investment Act, though a akin reappraisal erstwhile helium upped his holding successful IDS gave him the all-clear.

Mr Kretinsky has since committed to maintaining the one-price-goes-anywhere Universal Service”, which means it has to present letters six days per week, Monday to Saturday, and parcels Monday to Friday. In addition, helium has agreed to support the Royal Mail marque sanction and support Royal Mail’s office and taxation residency successful the UK, but lone for the adjacent 5 years.

Mr Kretinsky is convinced that Royal Mail’s fortunes tin beryllium turned astir by investing heavy successful postal lockers. Labour Business Secretary Jonathan Reynolds called for safeguards implicit the woody erstwhile the enactment was successful opposition. Speaking successful beforehand of MPs connected Tuesday, Mr Reynolds referred to Mr Kretinsky arsenic a “legitimate concern figure” whose alleged links to Russia had already been reviewed and dismissed.

Royal Mail has much than 500 years of history, opening arsenic a postal work exclusively for the King and his Court. It was privatised successful a arguable process that started successful 2013. The institution has since been deed by aggravated contention and concern disputes. Last week saw bosses garbage to not regularisation retired further occupation losses and stamp terms rises, blaming a £120million nationalist security summation owed to the Budget.

The terms of a archetypal people stamp leapt 30p past period to £1.65. In 2012, earlier Royal Mail’s three-part privatisation successful 2013 and 2015, it was 60p. A 2nd people stamp present costs 85p.