UK approves Royal Mail takeover by Czech billionaire [Video]

Britain’s centuries-old Royal Mail is set to pass into foreign ownership after the UK government Monday approved the takeover of its parent company by Czech billionaire Daniel Kretinsky’s EP Group.

The takeover of International Distribution Services (IDS) is worth £3.6 billion ($4.5 billion).

The deal “protects workers and key services whilst seeing Royal Mail continue to be headquartered in Britain, securing jobs and tax receipts in the UK”, the government said in a statement.

The government will hold a “golden share” in the former state monopoly Royal Mail which ensures it has veto power over the postal operator’s headquarters being moved abroad and over changes to its tax residency.

Both parties have been waiting for the government green light since IDS in May accepted the takeover offer from the EP Group, which already held a near 28-percent stake.

“For too many years progress on securing a stable future at Royal …