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UK's Osborne defends Royal Mail sale price

LONDON, Oct 22 (Reuters) - British finance minister George Osborne hit back on Tuesday at criticism that the government sold a chunk of postal service operator Royal Mail too cheaply.

Osborne, speaking at a Thomson Reuters Newsmaker event, said initial public offers are routinely offered at a discount and the government had followed advice from its bankers on details of the sale.

"On all fronts it has been a great success" which would boost investment in the company, he said.