UK government approves $4.6-billion takeover of Royal Mail by a Czech billionaire

LONDON (AP) — Britain’s government has approved the sale of Royal Mail’s parent company to a Czech billionaire, paving the way for the postal service to pass into foreign ownership for the first time in its 500-year history. Authorities confirmed Monday that the 3.6 billion-pound ($4.6 billion) takeover of Royal Mail’s owner, International Distribution Services, by businessman Daniel Kretinsky’s EP Group, can go ahead. Kretinsky and IDS agreed to the deal in May but had been waiting for official approval under national security laws because of the importance of the postal service in the U.K. The service will remain headquartered in the U.K. and as part of the deal, Britain’s government will retain a so-called “golden share” in the service.