08:49 , Graeme Evans
Daniel Kretinsky’s EP Group takeover of Royal Mail owner IDS has moved closer after it revealed agreements with the Government and unions.
The undertakings with the Business Secretary include a so-called “golden share” in the postal service, meaning the Government will need to approve any key changes to Royal Mail’s ownership, headquarters location and tax residency.
There were already a number of pledges made by Mr Kretinsky when the proposed £3.6 billion deal was announced in May, including the commitment to protect the universal service obligations.
It has also announced an agreement in principle with the CWU, which represents frontline workers in Royal Mail, and an agreement in principle with CMA Unite, which represents Royal Mail’s managerial workforce.
08:23 , Graeme Evans
Canal+ shares have begun trading after executives of the film and TV production company attended a market opening ceremony at the London Stock Exchange.
The opening auction process has given the Vivendi spin-off an initial valuation of about £2.7 billion, making it London’s largest debut stock since Haleon in 2022.
The FTSE 100 index is 4.60 points higher at 8304.93
Meanwhile, investors are awaiting confirmation of the BBC report that the takeover of the Royal Mail parent company IDS has been given the go-ahead by the government.
The FTSE 250-listed shares are 3.2p higher at 362.2p.
07:39 , Graeme Evans
The sale of Royal Mail’s parent company to a Czech billionaire is in the spotlight after the BBC reported that the takeover has been approved by the Government.
Thw takeover by Daniel Kretinsky’s EP Group from International Distribution Services is due to be announced on Monday, according to the report.
He is believed to have made several concessions to gain approval, including allowing workers to get a 10% share of any dividends paid out to him.
The Government will reportedly keep a so-called “golden share” that will mean it needs to approve any key changes to Royal Mail’s ownership, headquarter location and tax residency.
07:26 , Graeme Evans
Film production company Canal+ will become this year’s biggest London market listing when its shares begin trading this morning.
According to the Sunday Times, the Vivendi spin-off will have a valuation of about 3.5 billion euros (£2.9 billion).
The company, whose portfolio includes the Paddington production firm Studiocanal, is not expected to meet the eligilbity criteria for the FTSE 100 index.