Royal Mail Group Plc, the U.K. postal service that sold shares in an initial public offering last year, said it plans to cut about 1,600 administrative jobs as the company seeks to streamline operations.
Royal Mail Group Ltd. has buyers for all shares to be sold in an initial public offering valuing the 360-year-old U.K. postal service at as much as 3.3 billion pounds ($5.3 billion), two people briefed on the matter said.
Royal Mail Group Ltd., the U.K. postal service that sold shares in an initial public offering last year, said like-for-like sales gained 2 percent in the first nine months of the year boosted by parcel deliveries.
Royal Mail Group Ltd., the U.K.’s 360-year-old postal service, intends to hold an initial public offering of a majority stake “in the coming weeks” to help the company gain a competitive edge against European rivals.
On Oct. 11, the U.K. government sold a majority stake in Royal Mail Plc, the British postal service, in an initial public offering. Interest from both retail and institutional investors was strong. When the trading frenzy died down, two names emerged with large positions: Lansdowne Partners Ltd. and The Children’s Investment Fund Management UK LLP.
European stocks were little changed, with equities posting their biggest monthly gain since July, as Ukraine accused Russia of stoking tension on its territory and data showed U.S. fourth-quarter economic growth slowed more than estimated.