Business news in brief
By The Associated Press
UK’s Royal Mail says it has accepted a takeover offer
LONDON | The owner of Britain’s Royal Mail says it has accepted a $4.6 billion takeover offer from Czech investor Daniel Kretínský. Under the deal, Kretínský’s EP Group would buy International Distribution Services, which owns Royal Mail, for $4.72 per share. Including debt, the deal values IDS at $6.6 billion.
IDS said no major job losses were planned as part of the deal, which must be approved by shareholders. Kretínský has a vast, Europe-wide portfolio of business interests that includes stakes in Macy’s, Foot Locker and U.K. supermarket chain Sainsbury’s. A union official cautiously welcomed the deal but said it wanted more assurances.
Nissan warns owners of older vehicles not to drive them
DETROIT | Nissan is urging the owners of about 84,000 older vehicles to stop driving them because their Takata air bag inflators are at high risk of exploding in a crash and hurling metal fragments.
The urgent request comes after one person in a Nissan was killed by an exploding inflator and 58 others have claimed they were hurt.
Nissan said the “do not drive” warning covers certain 2002 through 2006 Sentra small cars, as well as some 2002 through 2004 Pathfinder SUVs, and 2002 and 2003 Infiniti QX4 SUVs.
The company says owners should contact their dealer to set up an appointment to have inflators replaced for free.
McDonald’s: $18 Big Mac meal was an ‘exception’
McDonald’s is fighting back against media reports it says have exaggerated its price increases.
In a post on the company’s website Wednesday, McDonald’s U.S. president said reports suggesting the price of the average Big Mac has doubled since 2019 were false. McDonald’s says the average Big Mac costs $5.29, or 20.5% more than it did five years ago. Still, the company said prices for some items, like fries, have jumped higher to account for higher costs of labor, paper and food.
McDonald’s saw a slowdown in traffic early this year as inflation-weary consumers dined out less. It’s planning to focus more on deals this summer.
—From AP reports
