Royal Mail’s owner has agreed to a £3.6billion  takeover bid by Czech tycoon Daniel Křetínský, another British organisation under foreign ownership.

Parent firm international Distribution Services (IDS) said its board of directors had approved  the billionaire’s offer which was received earlier this month.  The deal values the business at £5.3billion including debt and Daniel Křetínský, EP Group must guarantee a series of contractual commitments and intentions to protect Royal Mail’s public service duties such as its one-price-goes-anywhere  first-class post six days week. The 48-year-old Czech Sphinx already owns  27 per cent share in IDS and also owns parts of West Ham United FC and Sainsbury’s. This deal could see post office propping up in your local Sainsbury’s.

Kretinsky amassed £ 6 billlion in the energy sector and will need some of his money to balance Royal Mail losing £491million last year but delaying announcing its latest results due today,  amid impending takeover.

IDS said the deal which needs shareholder approval would protect existing employment rights of all staff.

 Post office had to apologize unreservedly for the hurt and suffering that was caused to victims of Horizon IT Scandal and their loved ones. Horizon evidence was essential to the proof of the accounting shortfall that led too the prosecution of several innocent sub-postmasters.

The deal is subject to several legal undertakings including that Daniel Křetínský will not split the group’s struggling letters business from GLS. However that guarantee is only valid for three years. Mr.Daniel Křetínský said “Royal Mail is going strategically in the right direction, but not with the right speed. If Royal Mail is not capable of defending is market share, it starts a deadly downward spiral”.