Czech Billionaire Kretinsky to Bid for Royal Mail Owner, FT Says [BNN Bloomberg (Canada)]
J SAINSBURY PLC S/ADR (JSAIY)
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Source: BNN Bloomberg
Kretinsky, whose holdings also includes a stake in UK grocer J Sainsbury Plc, has built a 27.5% stake in IDS through his Vesa Equity Investment, the FT said, without elaborating on the nature of the bid. Kretinsky did not immediately respond to the newspaper's request for comment. Shares of IDS surged as much as 22% after the FT report. They're up 4% over the past year. The report comes after a period of protracted labor unrest at the UK postal service, which has been struggling to adapt to a decline in letter writing and the rise in parcel deliveries due to e-commerce. Members of the Communication Workers Union eventually voted to accept a new pay deal last year. ©2024 Bloomberg L.P.
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