Britain confirms plans to privatise 500-year-old Royal Mail
LONDON (AP) - The UK coalition government has confirmed plans to privatise the country's 500-year-old Royal Mail this fall.
Business Secretary Vince Cable said on Thursday an initial public offering of a majority stake in the postal service was scheduled for the coming weeks.
Officials say the expected stock sale will be open to members of the public as well as to larger institutional investors. The minimum investment will be set at 750 pounds (S$1,500) with Royal Mail employees getting a slice of the stock offering.
Even as the announcement of the IPO was made, the Communications Workers Union was planning to ballot workers for possible strike action. The union is opposed to the stock plan because of fears of potential job losses.