Britain raises $1.2B from Royal Mail stake sale

Having sold in 2013 at 330 pence in one of Britain’s biggest privatizations for decades, the government offloaded its latest 15 percent stake late on Wednesday at 500 pence.

The stake sale led the shares to open 3.8 percent lower, at 497 pence on Thursday morning.

Business Secretary Sajid Javid said the sale represented good value for taxpayers.

“Royal Mail has demonstrated that it can thrive in the private sector,” he said. “It now has the ability to access the funds it needs to ensure that it has a sustainable future and can adapt to the changes in the postal market.

“The Government sees no policy reason to keep its remaining stake in Royal Mail.”

In a speech on Wednesday, Finance Minister George Osborne said the government would also award up to 1 percent more of Royal Mail’s shares to staff, after giving them 10 percent in 2013.

Source: Free News Headlines Business & Money Britain raises .2B from Royal Mail stake sale

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