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LONDON, July 9 (Reuters) - Britain launched a review onWednesday into the way that government assets are sold toprivate investors, following a political row over whether itsold the Royal Mail postal service too cheaply lastyear.
The price of Royal Mail shares soared by as much as 87percent shortly after the government sold off a 60 percent stakein the company in October 2013, drawing heavy criticism fromopposition politicians, trade unions and auditors.
Britain has earmarked 20 billion pounds worth of publicassets to be sold off over the next six years to reduce thecountry's national debt.
Business Secretary Vince Cable said the review would lookspecifically at ways in which Initial Public Offerings (IPOs)-the government's preferred method of selling shares to investors- can be improved, and whether alternatives would be moresuitable for future sales.
Among those assets slated for futures sales are theremaining stakes in banks Lloyds and Royal Bank ofScotland, the rest of Royal Mail, and the government's40 percent stake in the Eurostar rail link.
The review will be led by Paul Myners, a former governmentminister, and will focus on the whether the government couldimprove the way in which it gathers information about investordemand - known as the bookbuilding process. Myners will reporthis findings later this year.
Such a review was one of the recommendations of a criticalreport into the Royal Mail flotation, published earlier thisyear by the National Audit Office. It said that taxpayers hadbeen short-changed by at least 750 million pounds as a result ofthe government's cautious approach to pricing the deal. (Reporting by William James; Editing by Catherine Evans)
