Royal Mail rejects takeover approach from Czech billionaire

A deal could trigger an intervention from the British government under the terms of the National Security and Investment Act

The private company that owns the Royal Mail firm has seen its market value fall to £2.1bn.

Czech billionaire Daniel Kretinsky is working on improving an offer for the owner of Britain's Royal Mail, according to a source with knowledge of the plans, after his investment vehicle said it had made a non-binding bid this month which was rejected.

Mr Kretinsky is exploring a possible bid for London-listed International Distributions Services, which has seen its market value fall to £2.1bn (€2.5bn).