Royal Mail going private within weeks

AFP-JIJI

Britain launched plans on Thursday to sell more than half the state-run postal service Royal Mail in the coming weeks, in the nation’s biggest privatization in decades.

The announcement sparked anger from trade unions and opposition politicians. The government had already outlined plans in July to privatize more than 50 percent of Royal Mail.

The coalition government will sell at least 41 percent of Royal Mail, while employees will receive another 10 percent of the shares free of charge. However, the state will remain flexible over the size of the stake sale, depending on market conditions and investor demand.