Ministers hire UBS for sale of Royal Mail

Stormproof · Post by **Stormproof** » 21 Dec 2008, 06:29

http://business.timesonline.co.uk/tol/b ... 375479.ece
THE government has accelerated its controversial plans to part-privatise the Royal Mail with the appointment this weekend of investment bank UBS to help find an investor.

The Sunday Times has also learnt that the Department for Business, run by Lord Mandelson, wants to have a deal in place as early as April next year.

Such a goal could prove difficult to achieve given the political sensitivities surrounding its plans and the complexity involved with selling a stake of up to a third to a private-sector investor.

Banking sources believe that the Dutch postal giant TNT is already the frontrunner to form a new “strategic partnership” with the publicly owned Royal Mail.

It has made its interest public and is believed to be looking for investment-banking advisers.

Several of its large rivals, including Deutsche Post, UPS and Fedex, are thought to be lukewarm about investing in the Royal Mail.

Private equity group CVC, which owns stakes in both the Danish and Belgian postal services, is believed to be interested, but is likely to face strong opposition to its involvement from unions.

Labour’s proposals have provoked dismay among its own ranks as well as the unions.

The radical shake-up – which has been proposed by Richard Hooper, formerly of media watchdog Ofcom – includes the government taking responsibility for Royal Mail’s £22 billion pension scheme, which has a £7 billion deficit.

Broxi51 · Post by **Broxi51** » 22 Dec 2008, 15:36

k66yla wrote:http://business.timesonline.co.uk/tol/b ... 375479.ece

The radical shake-up – which has been proposed by Richard Hooper, formerly of media watchdog Ofcom – includes the government taking responsibility for Royal Mail’s £22 billion pension scheme, which has a £7 billion deficit.

While I agree something has to be done regarding the pension deficit, I am not sure I want the ar*eholes who run this country to take care of it as well as they have kept care of the UK.

Post by **baldrick** » 22 Dec 2008, 21:55

I wonder how much UBS are going to get paid for this then?

norbert · Post by **norbert** » 23 Dec 2008, 06:36

baldrick wrote:I wonder how much UBS are going to get paid for this then?

they are only hiring them as they know their own ministers aren't up to the job - snouts in the trough again boys !

Post by **TrueBlueTerrier** » 23 Dec 2008, 14:15

There is a wikipedia page on a firm called UBS I wonder if its them http://en.wikipedia.org/wiki/UBS_AG

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