The owner of the UK's Royal Mail postal service has accepted a $4.6 billion takeover bid from Czech billionaire Daniel Kretínsky. This would mark the first time Royal Mail, which was founded over 500 years ago, has been sold to foreign ownership. Kretínsky private equity firm is already the largest shareholder in Royal Mail with a 27.6% stake. Royal Mail has struggled financially in recent years, recording losses amid declining mail volumes. Kretínsky owns energy companies, retailers, and soccer club West Ham United, with a net worth of $7.7 billion.
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00:00 It's Benzinga and here's what's on the block.
00:02 The owner of the UK's Royal Mail Postal Service has accepted a $4.6 billion takeover bid from
00:08 Czech billionaire Daniel Kratinski. This would mark the first time Royal Mail, which was founded
00:13 over 500 years ago, has been sold to foreign ownership. Kratinski Private Equity Firm is
00:18 already the largest shareholder in Royal Mail with a 27.6% stake. Royal Mail has struggled
00:24 financially in recent years, recording losses amid declining mail volumes. Kratinski owns
00:29 energy companies, retailers, and soccer club West Ham United with a net worth of $7.7 billion.
00:35 For all things money, visit Benzinga.com
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