Czech billionaire Daniel Křetínský preparing bid for Royal Mail owner

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Czech billionaire Daniel Křetínský is preparing a takeover bid for Royal Mail owner International Distributions Services, according to people familiar with the matter.

Křetínský, a lawyer-turned-energy tycoon known as the “Czech Sphinx”, has built a 27.5 per cent stake in the company through his vehicle Vesa Equity Investment.

The company, which was privatised between 2013 and 2015, had a market capitalisation of £2.1bn before the news, which pushed the share price up 20 per cent.

Its postal business remains regulated. It proposed last month that it should be allowed to deliver second-class letters only three times a week instead of six.

Křetínský’s other investments include stakes in UK supermarket chain J Sainsbury, French newspaper Le Monde and London football club West Ham United.

Křetínský did not immediately respond to a request to comment.

This is a developing story

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