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Thursday, May 30, 2013

Cameron hands UK Post Office to Goldman Sachs


Britain Plans I.P.O. for Postal Service

LONDON – Britain is preparing to privatize Royal Mail, the country’s postal service, whose origins date to 1516 and the carrying of post for Henry VIII and the Tudor court.

The government said on Wednesday that it had appointed Goldman Sachs and UBS as the lead banks to manage a planned initial public offering on the London Stock Exchange later this year. Barclays and Bank of America Merrill Lynch will also work on the sale. The planned offering could value Royal Mail at about £3 billion ($4.5 billion), according to some analysts.

The government has been considering a sale of Royal Mail for years, but plans became more concrete over the last year when the company’s finances started to improve. Pressure is also growing on the government to find additional savings to reduce the budget deficit.
Like other postal services, Royal Mail was hurt as more people swapped handwritten letters for e-mail. But earnings have improved recently, and the company reported that profit more than doubled for the year ended March 31 as more people shopped online and received their purchases by post.

The sale of the service, which was opened to the public by Charles I in 1635, would be the biggest privatization in Britain since the railroads in the 1990s. Royal Mail is one of Britain’s largest employers, and the government plans to set aside about 10 percent of Royal Mail’s shares to be held by its workers.

http://dealbook.nytimes.com/2013/05/29/britain-plans-i-p-o-for-postal-service/

Comment by Road Hog -

I blogged about this a few years ago.

http://www.road-hog.blogspot.co.uk/2009/10/royal-mail-strike.html

There are a couple of links towards the end of the blog, only the second one still works.

The reason for the sell of is, that it is an EU directive. The EU wants all industries to stop being sovereign and all owned by a handful of pan European countries - note how all our energy, water or telecom countries are foreign owned.

The reason for this is that these industries are no longer controlled by sovereign nations and as pan European industries they can be controlled by the EU.

Royal Mail will be sold off to Deutsche Post, or possibly TNT. The toxic part of RM, the pension has already been taken on by HM government - meaning the taxpayer gets saddled with the shortfall/debt and some trans national corporation that pays no tax in the UK, get the profitable part for a cheap price. 

2 comments:

Road_Hog said...

I blogged about this a few years ago.

http://www.road-hog.blogspot.co.uk/2009/10/royal-mail-strike.html

There are a couple of links towards the end of the blog, only the second one still works.

The reason for the sell of is, that it is an EU directive. The EU wants all industries to stop being sovereign and all owned by a handful of pan European countries - note how all our energy, water or telecom countries are foreign owned.

The reason for this is that these industries are no longer controlled by sovereign nations and as pan European industries they can be controlled by the EU.

Royal Mail will be sold off to Deutsche Post, or possibly TNT. The toxic part of RM, the pension has already been taken on by HM government - meaning the taxpayer gets saddled with the shortfall/debt and some trans national corporation that pays no tax in the UK, get the profitable part for a cheap price.

Anonymous said...

Is there nothing that the krauts wont own?

I have a mate who was a postie, he left because he said some odd and pretty nasty stuff was going on there, leadership nonsense, bullying, intimidation. He said three years ago that the Germans were behind a lot of the shit.