, to more than 25pc. Mr Kretinsky's company currently has a 22pc stake. But he has previously indicated he wants to take this above 25pc. If he does so, IDS would be obliged to inform the markets, a spokesman confirmed. Under City takeover rules, going above 30pc would require Mr Kretinsky to make a full takeover offer. The tycoon is a major investor in West Ham United football club and also holds stakes in French newspaper Le Monde, as well as Sainsbury's and Macy's. He is known as the Czech Sphinx because of his inscrutable investment approach, which he rarely discusses in public. His attempt to increase his stake in IDS was called in by Kwasi Kwarteng, the former business secretary, under new national security laws. But in a statement on Monday morning, IDS confirmed that the new business secretary, Grant Shapps, had waved through the potential move. IDS said: 'The company has now been notified by the Secretary of State that no further action is to be taken in relation to the potential increase by Vesa of its shareholding in the company to more than 25pc. 'Vesa's most recent notification to the company in relation to its holding, as disclosed to the market on 19 July 2022, indicated that Vesa held just over 22pc of the total voting rights in the company at that time.' IDS spokesman said the Government did not provide reasons for the decision, as is normal with national security issues. The move comes as the company is locked in an industrial relations dispute over pay and conditions with the Communication){kind=link}
Going above 30pc would require Daniel Kretinsky to make a full takeover offer
Ministers have cleared the path for the billionaire investor known as the “Czech Sphinx” to attempt a takeover of Royal Mail after the Government said it had no national security concerns about such a move.
In a surprise decision that raises the stakes for striking unions, the Government said it would take no action if Daniel Kretinsky’s company, Vesa Equity Investment, increased its stake in the postal service’s parent, International Distribution Services (IDS), to more than 25pc.
Mr Kretinsky’s company currently has a 22pc stake. But he has previously indicated he wants to take this above 25pc.
If he does so, IDS would be obliged to inform the markets, a spokesman confirmed.