U.K. Government. Re-Hires UBS To Advise On RM Options

[TrueBlueTerrier]

U.K. Government. Re-Hires UBS To Advise On Royal Mail Options http://www.advfn.com/news_U-K-Governmen ... 64673.html" onclick="window.open(this.href);return false;

The U.K. government Wednesday said it has appointed investment bank Ubs AG (UBS) to advise it on options for the future ownership of Royal Mail, Britain's state-run postal delivery service.

UBS, which was originally mandated to advise on Royal Mail by the U.K.'s previous government, has effectively been reconfirmed in the advisory mandate following a beauty parade where other banks were invited to tender, a person familiar with the matter said.

A spokesman for the Department for Business, Innovation and Skills said UBS would investigate the various options for the future of Royal Mail, including a sale of part, or all, of the business, and a potential multibillion pound stock market flotation.

Legislation to enable a potential sale or flotation is currently being drawn-up and is expected to be introduced in the autumn, he said, adding that Royal Mail's pension deficit and the regulation of the postal sector would also be examined.

The new government, a coalition involving the center-right Conservative party and the traditionally left-leaning Liberal Democrat party, said earlier this summer it is assessing bringing some private ownership into Royal Mail.

The previous Labour government in July 2009 shelved plans to part-privatize the mail operator, citing poor economic conditions.

"We will seek to ensure an injection of private capital into the Royal Mail, including opportunities for employee ownership," the government said in a statement at the time. The Post Office Ltd., which operates the roughly 12,000 retail branches across the U.K., would remain in public ownership, the government said.

The previous government had said private ownership of Royal Mail would be capped at 49%.

The new government hasn't clarified its position on this and it is unclear whether it favours an initial public offering, a sale or another option.

In an interview with the Daily Telegraph in June, the lawmaker with responsibility for the Royal Mail, Ed Davey, said the future of the service is in doubt because of a "lethal combination" of a sharp decline in revenue due to changing communication patterns, and a gaping hole in its pension scheme.

Hiring UBS appears to move the new coalition government a step closer to at least a part-privatization of Royal Mail. However, any such privatization would be politically sensitive with communications industry unions that have historically opposed such moves, and the government would likely proceed with caution.

A person familiar with the matter told Dow Jones Newswires the process is at an early stage and the government's intentions for Royal Mail remain unclear.

The BIS spokesman declined to comment on the fees being paid to UBS due to commercial sensitivity.

[BELIAL]

That'll be the bank that have nothing to do with dodgy deals then The hedge fund and private equity kings who f****d up so bad in the sub prime shambles that they posted one of the biggest losses of any bank worldwide and had to be bailed out by the Swiss govt. among others. The bank that accidentally managed to shred all its files that related to it's dealings with the Nazis and their looted gold. The bank that paid $740 million in fines for tax evasion.
I'm just glad that we can be reassured that everything will be above board and RM is in safe hands

[TrueBlueTerrier]

Publisher sues UBS for oil research plagiarism http://www.nzherald.co.nz/business/news ... d=10665499" onclick="window.open(this.href);return false;

Ethical bunch aren't they

(yes I can see the irony)

[Wiggins79]

Yes, but at least they are experts in the mail industry.
Aren't they?

[BELIAL]

Yes, but at least they are experts in the mail industry.
Aren't they?

Nope

[TrueBlueTerrier]

Yes, but at least they are experts in the mail industry.
Aren't they?

Nope

Asset strippers - pure and simple. http://www.ubs.com/1/e/about/our_businesses.html" onclick="window.open(this.href);return false;

Along with their other "achievements" listed by Belial.