Kretinsky and UK business secretary hold 'constructive' talks on Royal Mail takeover

Czech billionaire Daniel Kretinsky held "constructive" talks with UK business secretary Jonathan Reynolds last Tuesday regarding his proposed takeover of Royal Mail parent company International Distribution Services.

According to Sky News, Kretinsky met with Reynolds for the first time since Labour won this month's general election, with one source stating that the meeting was both "cordial and constructive".

Reynolds also said last week that it was "reasonable" to expect Kretinsky's £3.6bn takeover bid would be scrutinised further by Westminster.

As of 1200 BST, IDS shares were down 0.52% at 343.80p.

Reporting by Iain Gilbert at Sharecast.com