The future of Royal Mail is expected to be spelled out today amid reports that up to a third of the company could be sold to a foreign competitor. The business secretary, Lord Mandelson, is expected to publish the findings of an independent review of Royal Mail — perhaps as early as this afternoon. According to newspaper reports Lord Mandelson will also announce that the government will take over the Royal Mail's £22bn pension fund which is thought to have a deficit of up to £8bn. Such a move would make Royal Mail a more attractive investment for another postal operator and today the Daily Telegraph reported that ministers were looking to sell around a third of the company for up to £3bn. Dutch postal operator TNT, which already has a significant presence in the UK postal market and DHL, part of Deutsche Post, were thought to be keen on acquiring the stake.