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London open: Stocks fall but IDS jumps on takeover deal | Financial News

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Royal Mail has been beset with issues in recent years after the controversial decision to privatise the national postal service in 2013.

The owner of Britains struggling Royal Mail said Wednesday it had accepted a takeover proposal from Czech billionaire Daniel Kretinsky worth £3.6 billion ($4.6 billion).

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks were slightly lower on Wednesday, though higher oil prices lifted energy stocks.The benchmark FTSE 100 was down 0.1 percent at 8,244 on concerns

The companys parent firm said its branding and UK headquarters would remain in place as part of the deal, along with its universal service obligation to "one-price-goes-anywhere" first-class post six days a week.

European stocks traded slightly lower on Wednesday as higher bond yields and a surge in oil prices due to heightened tensions in the Middle East stoked concerns that interest rates will likely stay higher for longer.

UK News: NEW DELHI: The owner of the struggling Royal Mail in Britain, International Distribution Services (IDS), has accepted a takeover proposal from Czech b.

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London stocks were still down by midday on Wednesday, but IDS bucked the trend after the Royal Mail owner accepted a takeover offer.