Britain's Royal Mail privatization to go on the market within weeks
ReutersLONDON--Britain embarked on its largest privatization in decades on Thursday as the government unveiled plans to sell the majority of the near 500-year-old state-owned Royal Mail postal service.
September 13, 2013, 12:06 am TWN
The Department for Business said a stock market flotation would take place in coming weeks, giving the public a chance to buy into the postal network. Ten percent of the shares will be given to Royal Mail staff.
It said the size of the sale would depend on market conditions and analysts suggested the flotation could value Royal Mail, which traces its roots to a service founded by King Henry VIII in 1516, at between 2 and 3 billion pounds (US$3-US$4.7 billion).