LONDON — The U.K. coalition government has confirmed plans to privatize the country's 500-year-old Royal Mail this fall.
Business Secretary Vince Cable said Thursday that an initial public offering of a majority stake in the postal service was scheduled for the coming weeks.
Officials say the expected stock sale will be open to members of the public as well as to larger institutional investors. The minimum investment will be set at $1,185 with Royal Mail employees getting a slice of the stock offering.
Plans call for 10 percent of the stock to be given to U.K.-based Royal Mail employees, with 41 percent to be sold to the public, including institutional investors.