Reported 4 months ago
Czech billionaire Daniel Kretinsky, who aims to purchase the company that owns the UK's Royal Mail, emphasizes the need for new investment in the British postal service to remain competitive. Kretinsky, who currently owns 27.6% of International Distribution Services Plc, warns that Royal Mail could face financial difficulties if his bid for the rest of the company is rejected, potentially leading to a "deadly spiral" due to fixed costs and revenue shortfalls. He plans to fund the £3.6 billion takeover with debt and equity, pledging not to break up the group and committing to maintain letter deliveries six days a week for the next five years. Kretinsky also mentions his investments in the energy sector, grocer J Sainsbury Plc, and Premier League football club West Ham United, expressing openness to increasing his stake in the team.
Source: YAHOO