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The Guardian - UK

Business

Alex Lawson

Royal Mail owner backs £3.5bn takeover offer by Czech billionaire

Royal Mail Daniel Křetínský IDs Keith Williams Headache United Kingdom Ofcom Sainsbury

Daniel Křetínský’s interest comes as Royal Mail hopes Ofcom will allow a reform of the universal service obligation. Photograph: John Sibley/Reuters

The owner of Royal Mail has backed a £3.5bn offer for the postal company from a Czech billionaire after he sweetened the value of his planned takeover, creating a political headache for the government.

Last month, Royal Mail’s parent company, International Distributions Services (IDS), rejected a preliminary offer worth 320p a share, or £3.1bn, from Daniel Křetínský, the part-owner of West Ham United whose company, EP Group, is the postal service’s shareholder.

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