Czech Billionaire's Royal Mail Takeover Under Government Scrutiny

The British government is reviewing Czech billionaire Daniel Kretinsky's bid to take over Royal Mail. This follows a $4.56 billion agreement in May, falling under the National Security and Investment Act for closer scrutiny.

The British government has initiated a closer scrutiny of Czech billionaire Daniel Kretinsky's takeover bid for Royal Mail. This action comes under the provisions of the National Security and Investment Act, as reported by the BBC on Thursday.

Earlier, International Distribution Services, the owning entity of Royal Mail, had agreed to a £3.57 billion ($4.56 billion) takeover by Kretinsky, its largest shareholder, in May. The exchange rate at the time was $1 to 0.7827 pounds.

This move signifies a critical review owing to the strategic importance of Royal Mail.

(With inputs from agencies.)