Royal Mail privatization may be delayed

[TrueBlueTerrier]

http://www.upi.com/Top_News/2009/03/15/ ... 237138083/" onclick="window.open(this.href);return false;

LONDON, March 15 (UPI) -- Britain may postpone a planned partial privatization of the Royal Mail, fearing private buyers may not offer enough cash, The Sunday Telegraph reported.

Citing unnamed postal union sources, the newspaper said the controversial move could be put off by the British government until the private bidders can find more capital to buy up to 49 percent of the publicly owned mail service.

The Royal Mail plans are opposed by some Labor Party members of Parliament who are worried about a provision in the proposed legislation that would see taxpayers take over responsibility for the postal service's pension deficit, which is estimated to be approaching $12.6 billion.

The Sunday Telegraph said at least one former government minister has told the Communication Workers Union, which represents Royal Mail employees, that the partial privatization could be delayed until companies can raise enough money to make the deal work financially.

[fmrPOSTIE]

Cash Handling Services all over again by the looks of it!

Anybody remember that lol?

[DGP1]

which is estimated to be approaching $12.6 billion.

Holy f*** it seems to be increasing every day the last official figure I heard was £4billion

[Pat Ostman]

Yeah I think it went up to 7/8 mill £

But that figure above is USD ($) not pounds so it looks even bigger

[oypostie]

TNT obviously can afford to buy us and pay their tax bill

[smokerjim]

Cash Handling Services all over again by the looks of it!

Anybody remember that lol?

For those not in the know ( errr...me! ) could you enlighten us?

[TrueBlueTerrier]

Cash Handling Services all over again by the looks of it!

Anybody remember that lol?

For those not in the know ( errr...me! ) could you enlighten us?

Thursday, 14 November, 2002, 16:28 GMT

http://news.bbc.co.uk/1/low/business/2477299.stm" onclick="window.open(this.href);return false;


Postal workers threaten strike action


Postal workers have voted in favour of industrial action in a dispute over the sale of the Royal Mail's cash handling business to the private firm Securicor.

Members of the Communication Workers Union (CWU) voted in favour of strike action by 95%.

But the strike may yet be averted, after Securicor withdrew its original offer for the Royal Mail business within hours of the vote.

The CWU said it was awaiting formal confirmation of Securicor's position before reconsidering its strike call.

Securicor has said it would examine other ways of progressing the acquisition.

About 3,000 workers are employed by the Royal Mail in its cash-handling operations, which deliver notes and coins to the UK's 17,500 post offices, as well as 2,000 other organisations.

Last week, the government referred the planned sale to the Competition Commission.

Union anger

In September, the Royal Mail said Securicor had been chosen as its preferred supplier of cash services.

The 10-year contract was worth £1bn.

But unions were furious at the move, describing it as "blatant privatisation".

Following the strike ballot result, the CWU said it would meet on Tuesday to decide on what form the strike would take.

Industrial action could mean post offices run short of cash and may not be able to provide a full range of services.

Restructured deal?

But shortly after the ballot result was announced, Securicor said it was withdrawing its original offer.

"We can confirm that our current proposal for providing cash handling and distribution services to the Post Office, which was submitted to the OFT in September, has been withdrawn," the firm said.

"We are working closely with Royal Mail Group to examine means of restructuring arrangements for the benefit of both parties."

But the CWU said it would still be meeting on Tuesday to discuss action.

"The dispute continues until we have something formal from the Post Office to say they will abandon their proposals," said CWU deputy general secretary John Keggie.

[smokerjim]

Cheers Teebs - I just hope Blue Labour are as incompetent and unprepared as they usually are - but with :mfo at the helm of such a high profile privatisation, I can't see him letting anyone leave him with egg on his face.

[k979aaa]

Cheers Teebs - I just hope Blue Labour are as incompetent and unprepared as they usually are - but with :mfo at the helm of such a high profile privatisation, I can't see him letting anyone leave him with egg on his face.

NAY LESS GREEN CUSTARD!. :mfo

[smokerjim]

Have you never heard of egg custard?

[k979aaa]

Have you never heard of egg custard?

I have heard of an egg custard TART :mfo but he will not take much beating.