Oct 8, 2021

Royal Mail moves further into Canada

The postal group has agreed to buy ground-freight carrier Rosenau Transport for a price equivalent to about £210m. Rosenau will be folded into Royal Mail's GLS parcels business, with the deal funded through existing cash and borrowing facilities. Royal Mail first gained a foothold in Canada with the 2018 purchase of package delivery group Dicom as part of an international expansion drive under former chief executive Rico Back. "The combination of the two businesses will create a network stretching across Canada which will enable GLS to cover the vast majority of the Canadian population and deliver further growth and synergies," Royal Mail said. Mail-order retailer N Brown said it would focus on profitable growth rather than promotions after reporting a 17 per cent improvement in operating earnings for the half year ended August. Dublin has finally abandoned its 12.5 per cent corporate tax rate and agreed to a minimum 15 per cent rate that will cost the country about €2bn in lost revenues.

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