Britain's 500-year-old Royal Mail is being bought by a Czech billionaire

The owner of Royal Mail has accepted a £3.57 billion ($4.6 billion) takeover bid from a Czech billionaire, paving the way for the sale of one of Britain’s oldest institutions to a foreign owner for the first time. The loss-making postal service recorded a loss of £348 million ($445 million) for the year that ended on March 31. The proposed takeover will be subject to a national security review, possibly by a new government. Labour has expressed concerns and urged the buyer to provide guarantees regarding the headquarters and workers’ union. The buyer, a low-profile Czech national, made his fortune through various businesses. This story is still developing.