LONDON (AP) — Britain's government gave the go-ahead Monday for 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 billionaire 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, meaning it will need to approve any key changes to Royal Mail's ownership, headquarters location and tax residency.
Business Secretary Jonathan Reynolds said the move was a “good deal for the U.K.”
“We have negotiated something which secures the long-term future of Royal Mail and gives it the fresh start that we need," he said.
Royal Mail, one of the U.K.'s oldest institutions, began in the 1500s as a service exclusively for the monarch and the royal court. It became a public postal service in the 1600s.
The company, which was privatized in 2013, has struggled in recent years to adapt as the number of people using the postal service continues to decline steeply.
Kretinsky has business interests across Europe including Eurstream, which moves Russian gas via pipelines through Ukraine, the Czech Republic and Slovakia. He already owns a 27% stake in IDS, and also has stakes in U.K. retail including in leading supermarket chain Sainsbury's.
His firm previously said it viewed IDS as a strong business with the potential to become a leading postal logistics group in Europe.
The takeover deal, which still needs to be voted on by shareholders, is expected to be completed early in 2025.
Czech entrepreneur Daniel Kretinsky attends the International conference SH!FTS in Prague, Czech Republic, Oct. 17, 2023. (Roman Vondrous/CTK via AP)
TRENTON, N.J. (AP) — Richard “Dick” Codey, a former acting governor of New Jersey and the longest serving legislator in the state's history, died Sunday. He was 79.
Codey’s wife, Mary Jo Codey, confirmed her husband’s death to The Associated Press.
“Gov. Richard J. Codey passed away peacefully this morning at home, surrounded by family, after a brief illness,” Codey's family wrote in a Facebook post on Codey's official page.
"Our family has lost a beloved husband, father and grandfather -- and New Jersey lost a remarkable public servant who touched the lives of all who knew him," the family said.
Known for his feisty, regular-guy persona, Codey was a staunch advocate of mental health awareness and care issues. The Democrat also championed legislation to ban smoking from indoor areas and sought more money for stem cell research.
Codey, the son of a northern New Jersey funeral home owner, entered the state Assembly in 1974 and served there until he was elected to the state Senate in 1982. He served as Senate president from 2002 to 2010.
Codey first served as acting governor for a brief time in 2002, after Christine Todd Whitman’s resignation to join President George W. Bush’s administration. He held the post again for 14 months after Gov. Jim McGreevey resigned in 2004.
At that time, New Jersey law mandated that the Senate president assume the governor’s role if a vacancy occurred, and that person would serve until the next election.
Codey routinely drew strong praise from residents in polls, and he gave serious consideration to seeking the Democratic nomination for governor in 2005. But he ultimately chose not to run when party leaders opted to back wealthy Wall Street executive Jon Corzine, who went on to win the office.
Codey would again become acting governor after Corzine was incapacitated in April 2007 due to serious injuries he suffered in a car accident. He held the post for nearly a month before Corzine resumed his duties.
After leaving the governor’s office, Codey returned to the Senate and also published a memoir that detailed his decades of public service, along with stories about his personal and family life.
“He lived his life with humility, compassion and a deep sense of responsibility to others,” his family wrote. “He made friends as easily with Presidents as he did with strangers in all-night diners.”
Codey and his wife often spoke candidly about her past struggles with postpartum depression, and that led to controversy in early 2005, when a talk radio host jokingly criticized Mary Jo and her mental health on the air.
Codey, who was at the radio station for something else, confronted the host and said he told him that he wished he could “take him outside.” But the host claimed Codey actually threatened to “take him out,” which Codey denied.
His wife told The Associated Press that Codey was willing to support her speaking out about postpartum depression, even if it cost him elected office.
“He was a really, really good guy,” Mary Jo Codey said. “He said, ‘If you want to do it, I don’t care if I get elected again.’”
Jack Brook contributed reporting from New Orleans.
FILE - New Jersey State Sen. and former Democratic Gov. Richard Codey is seen before New Jersey Gov. Phil Murphy delivers his State of the State address to a joint session of the Legislature at the statehouse, in Trenton, N.J., Tuesday, Jan. 10, 2023. (AP Photo/Matt Rourke, File)
