Royal Mail to sell majority stake to fight competition

Royal Mail, the UK’s 360-year- old postal service, intends to hold an initial public offering of a majority stake “in the coming weeks” to help it gain a competitive edge against European rivals.

The government announced plans for the sale yesterday without offering an estimated value for the company. While the size of the stake will depend on market conditions, business minister Michael Fallon said the aim is to dispose of a majority.

The sale will be the largest privatisation since then prime minister John Major broke up British Rail in the 1990s.