Royal Mail is to be taken into foreign ownership for the first time in its 608 year history.

Czech billionaire Daniel Kretinsky has been given the all-clear to buy Royal Mail's parents company International Distribution Services (IDS) by ministers, it was confirmed today.

In an announcement to the stock exchange Kretinsky's company EP said it has given undertakings to the government to maintain the universal service obligation to operate a six days a week delivery service throughout its period of ownership.

EP also said it has reached an agreement "in principle" with Royal Mail's main union, the CWU, which represents frontline workers in Royal Mail, and with CMA Unite, which represents Royal Mail's managers.