International Distributions Services PLC - London-based, postal service and package courier formerly known as Royal Mail - Notified by Secretary of State for Business, Energy & Industrial Strategy Grant Shapps that no further action is to be taken under the National Security and Investment Act 2021 in relation to the potential increase by Vesa Equity Investment Sarl of its shareholding in IDS to more than 25%.

Back at the end of August, IDS, then known as Royal Mail, was told by then-secretary Kwasi Kwarteng that arrangements were in progress whereby Luxembourg-based Vesa would increase its shareholding in the company above a 25% threshold, and that he was exercising his call-in power. Under the NSI Act, the government has the ability to scrutinise, and if necessary, intervene in qualifying acquisitions on national security grounds. At July 19, Vesa held just over 22% of the total voting rights in the company.

Meanwhile, planned strikes by Royal Mail workers in the next two weeks have been called off following a challenge by the company, PA reported on Sunday. Members of the Communication Workers Union are involved in a long running dispute over pay and conditions. A series of strikes have taken place in recent weeks and more action had been planned. The union says that following a letter from Royal Mail's legal team, it has decided to withdraw industrial action notices over the next two weeks. It adds that strikes will resume on Saturday November 12.

Current stock price: 208.16 pence, up 7.4% on Monday

12-month change: down 51%

By Holly Beveridge; hollybeveridge@alliancenews.com

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