Royal Mail takeover approved by shareholders

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The sale of Royal Mail's parent company to a Czech billionaire has been cleared by shareholders.

The approval of the £3.6bn deal, first proposed a year ago, will see the 500-year institution taken over by Daniel Kretinsky's EP Group.

Just over 80% of the shareholders of International Distribution Services (IDS), Royal Mail's owner, voted in favour of the takeover on Wednesday afternoon.

Mr Kretinksy said "the pathway to success for IDS lies in taking a truly long-term view of the future".