Czech billionaire Daniel Kretinsky increases his Royal Mail takeover proposal to 370p per share, aiming to reduce second-class post delivery to three days a week.

Czech billionaire Daniel Kretinsky aims to take over Royal Mail, increasing his proposal to 370p per share. His EP Group already owns 27.5% of the postal operator. If successful, Kretinsky may reduce second-class post delivery to three days a week, cutting from the current six days under the universal service obligation. The government will assess the national security implications of the potential takeover.