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Friday, June 14, 2024

Royal Mail owner has agreed to. £5bn takeover from Czech billionaire Daniel Kretinsky

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The board of the company agreed to a formal takeover offer for the 500-year-old organisation which includes assumed debts for the company
Czech billionaire Daniel Kretinsky has firmed up an offer of £5bn, including assumed debts, for the company which employs more than 150,000 people.

Known as the “Czech Sphinx”, Mr Kretinsky is said to have made his money in Central and Eastern European energy via a labyrinthine structure of companies. This includes Eustream which transports Russian gas via pipelines that run through Ukraine, the Czech Republic and Slovakia.

According to the Sunday Times Rich List, the 48-year old Czech businessman and lawyer is worth £6bn and owns fancy houses in upmarket areas.

Mr Kretinsky already has a 27% stake in IDS and also has a variety of investments in the UK. He has built up quite a portfolio in well-known brands through Vesa Equity Investment, a private firm which is registered in Luxembourg.

His other sizeable investments includes stakes in London football club West Ham United, supermarket giant Sainsbury’s and the sportswear retailer Footlocker – as well as International Distribution Services, the parent company of Royal Mail.

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