Poste Italiane's board decided on 22 March to launch a voluntary tender and exchange offer for all of Telecom Italia's ordinary shares it did not already own, a bid worth about €10.8bn.
Why Poste Italiane S.p.A. is buying Telecom Italia S.p.A. (TIM)
In raising the offer in September, Poste's board said it wanted to confirm the strategic and industrial importance of the deal, and that it expected the combination to lift its earnings per share from 2027, by a double-digit percentage in 2028.
Deal terms and financing
TIM shareholders were offered €0.167 in cash and 0.0218 new Poste shares for each share, adjusted to €1.67 and 0.218 shares after TIM's share consolidation in June. On 7 September Poste added €0.30 a share in cash, called the new price final and waived the acceptance threshold. On the 20 March reference price the improved terms implied €6.65 a TIM share, a 14.16% premium, and a total of up to €11.35bn.
Regulatory approvals and timing
Consob approved the offer document on 15 July and the acceptance period opened on 20 July. Following a reopening from 21 to 25 September, Poste's holding rose to about 85.82% of TIM's capital, with payment for the reopening due on 2 October, according to Websim. The stake is below the 90% threshold for a squeeze-out.
Market context
Poste held about 4.29bn TIM ordinary shares, roughly a fifth of the capital, before the bid. The offer size assumed the conversion of TIM's savings shares into ordinary shares, approved by TIM shareholders on 28 January 2026.
