Overview
- Poste Italiane, which unveiled the voluntary cash‑and‑share offer Sunday, seeks 100% of TIM and a delisting at €0.635 per share that reflects €0.167 in cash plus 0.0218 new Poste shares, a 9% premium.
- Poste says the combined group would keep TIM as a stand‑alone company with its brand, while the Italian state, through the Treasury and Cassa Depositi e Prestiti, would hold a controlling stake above 50%.
- Offer effectiveness requires at least 66.67% of TIM’s capital and approvals under antitrust, sector rules and Italy’s golden‑power regime, with filings due mid‑April, a capital‑increase vote in June and an offer period not before July 2026.
- Market reaction was split Monday as TIM rose to about €0.60, still below the offer level, and Poste fell roughly 5–7%, while minority holders including Asati pressed for a higher price and more cash and CEO Matteo Del Fante signaled no increase.
- Poste pitches an industrial plan with about €26.9 billion in combined revenue, €4.8 billion pro‑forma EBIT, over 150,000 employees and €700 million in annual synergies against €700 million in one‑time costs, as consumer groups urge strict privacy and competition safeguards.