Daniel Kretinsky put the all-cash proposal forward to buy the shares
Royal Mail owner International Distribution Services has seen shares soar even higher after it was revealed the group rejected a takeover approach from shareholder and Czech billionaire Daniel Kretinsky.
The sprawling EP Group conglomerate - which has interests spanning energy, logistics and food retail - has already built up a stake of around 27.5 per cent in the Royal Mail owner through Mr Kretinsky's Vesa Equity Investment vehicle, making it the biggest investor in IDS. EP Group said it recognises the "challenging situation" faced by Royal Mail, but would be prepared to support "this iconic business as it transforms and rebuilds into a modern postal operator".
It added that Royal Mail is an "important national asset that would benefit from being able to take a longer-term view". His investment in IDS has long been a source of controversy, coming under government scrutiny in 2022 amid national security worries after he built up his shareholding. In its submission to Ofcom's consultation on the future of the universal postal service, Royal Mail said it would keep a six-day-a-week service for first-class mail in a climbdown on previous calls for all Saturday letter deliveries to be scrapped.Ofcom is looking at postal reforms, with Royal Mail insisting the universal service is no longer workable or cost effective, given the decline in addressed letter post.
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