News about Chuka Umunna

The controversial £3.6billion deal, agreed with billionaire Daniel Kretinsky, would see the postal service fall into foreign ownership for the first time since it was established by King Henry VIII in 1516. Mr Kretinsky will pay more than £89million to advisers if his bid to buy Royal Mail owners International Distribution Services group receives regulatory approval. And IDS will fork out around £57million to consultants after the board, led by chairman Keith Williams, last month backed the takeover offer. IDS chief executive Martin Seidenberg will rake in up to £5.6million from the sale of his stake and share awards if the move goes through.

Royal Mail's owner International Distribution Services (IDS) is being bought by Daniel Kretinsky, known as the Czech Sphinx, for £3.6billion. The deal will see the 500-year-old postal service fall into foreign ownership for the first time. Concerns over the takeover are mounting with unions, politicians and businesses calling for cast-iron guarantees that the service will be protected. And it is thought that fees for bankers, lawyers and other advisers could reach £30million. Among those set to cash in will be Mr Umunna, a former Labour MP for Streatham and his party's business spokesman. Mr Umunna joined US investment bank JP Morgan after leaving politics and is part of the team hired by billionaire Mr Kretinsky to advise on the takeover.

It's easy to see what might be in it for Czech Sphinx Daniel Kretinsky, but less so for the rest of us. It's a shame the Royal Mail board rolled over and recommended the bid. Past experience tells us that when chairmen and CEOs choose to kick back against a bidder, they can win. Even if a defence fails, putting up a good fight can make a difference. The watershed case was in 2010 at chocolate maker Cadbury, where chairman Sir Roger Carr eventually had to succumb to a Kraft takeover. But it was a gallant defeat.

ALEX BRUMMER: The first week of February is expected to be one of the worst times for industrial activity in British history. So many unions are striking on February 1, from teachers to college teachers, civil servants, and university students, that some have likened the predicted result to that of the General Strike, which paralyzed the country for more than a week in 1926, when millions of workers were without electricity for more than a week. Since ambulance technicians and nurses have decided to postpone their strike until February 6, strictly speaking, it will not be exactly the same. However, there is no doubt that any of us will be affected by the measures that are ruthlessly orchestrated by rebel union leaders. Strike fever is certainly spreading. After their union leader told MPs that two ballots regarding pay for strike action received yes votes of over 99%, this week it became clear that Post Office workers might join their Royal Mail colleagues in a walkout.

Chuka Umunna (pictured) of the Labour Party is advising an energy tycoon named as the 'Chech Sphinx' who has been accused of plotting to take over the Royal Mail. Vesa Equity, a billionaire-owned investment company, has recruited 44 leaders, including former CEO Daniel Kretinsky. According to The Daily Telegraph, Mr Umunna is working with JP Morgan as a managing director and division head. Mr Kretinsky - who 'Chech Sphinx' refers to investing - increased his interest in the Royal Mail's parent company to 23% just weeks after he dropped his stake to 23%. The move sparked rumors that he is planning a full takeover of the beleaguered company, which has been dogged by a series of strikes.