Business Secretary Kemi Badenoch has said the Royal Mail’s universal service obligation will need to be protected in any sale of the firm. Royal Mail’s owner International Distribution Services (IDS) is “minded” to agree a takeover by shareholder Daniel Kretinsky, after the Czech billionaire put forward a bid worth about £3.5 billion. Ms Badenoch met IDS bosses for talks on the proposed sale and underlined the need to protect services for the vulnerable, those in remote areas and small businesses. IDS said Mr Kretinsky, whose EP Group owns a 27.5% stake in the firm, had agreed to offer a set of “contractual undertakings” to protect key public interest factors recognising Royal Mail’s status as a major part of national infrastructure under the proposal. This would include commitments to Royal Mail’s plans to keep six-day-a-week first class letter deliveries under the universal service, protect workers’ rights and keep the Royal Mail brand, as well as its UK headquarters and tax residence. EP Group would also continue the one-price-goes-anywhere service for letter post inside the UK, it said. IDS said it was minded to agree to a deal on the terms and price in the proposal, should a firm bid be made....