Royal Mail's £3.6billion takeover by Czech billionaire Daniel Kretinsky has been approved by shareholders, marking a historic moment for the 500-year-old British institution.
The vote paves the way for the company to move into foreign ownership for the first time in its long history.
International Distribution Services (IDS), Royal Mail's parent company, initially agreed to the acquisition in May last year.
Investors holding 80 per cent of the group's share capital approved the takeover, exceeding the required 75 per cent threshold to make the offer "unconditional".
Royal Mail shareholders have approved the takeover deal
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The deal had already received clearance from the UK Government in December but faced delays waiting for approval from Romanian authorities.
IDS shares are expected to cease trading on the London Stock Exchange by June 2 as the company transitions to private ownership under Kretinsky's EP Group.
This takeover includes a package of legally binding undertakings and commitments that have been endorsed by the Government. Safeguards address concerns about the future of Royal Mail's universal service obligation.
EP Group has also committed to maintaining the Royal Mail brand name and keeping its headquarters in the UK for at least the next five years.
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Royal Mail does not usually deliver or collect mail on public and local holidaysGETTY IMAGESDaniel Kretinsky, EP's founder and chairman, expressed delight at securing "overwhelming support" from IDS shareholders.
He pledged to put "employees and customers at the heart of everything IDS does" and to share "the fruits of success with employees".
"Employees are at the centre of our plans for the business and we know we will only succeed with a clear, shared vision for the future that we can all work towards," Kretinsky added.
Keith Williams, the IDS chair, acknowledged the "unique heritage of Royal Mail" in his statement on the takeover.
Williams said: "We have been pleased to secure a far-reaching package of legally binding undertakings and commitments, which have been endorsed by Government."
These commitments provide safeguards for customers, colleagues and broader stakeholders.They specifically protect the provision of the universal service obligation, which ensures mail delivery across the UK.
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The Government has approved the takeover
GB NEWSDave Ward, general secretary of the Communication Workers Union, called the takeover "a pivotal moment in the history of Royal Mail one of our country's most iconic and important companies."
The CWU has reached what Ward described as "a groundbreaking agreement with EP Group that provides the platform for a fresh start and the rebuilding of Royal Mail."
Ward also issued a warning, stating: "We will not hesitate to challenge EP Group if they do not fulfil their obligations to postal workers and customers."
