Poste Italiane wants Telecom Italia and from today is closer to achieving its goal. Consob has approved the offer document relating to the voluntary and total public purchase and exchange offer promoted by Poste Italiane on the ordinary shares of Telecom Italia. The opt-in period will start at 8.30am on 20 July 2026 and end at 5.30pm on 11 September.
The offer provides for each Tim share tendered a consideration consisting of a part in cash and a part in securities.
Poste’s takeover bid for Tim
In particular, Poste will recognize 1.67 euros in cash and 0.218 newly issued Poste Italiane ordinary shares, with the same characteristics as the securities already in circulation and intended for listing on Euronext Milan.
The settlement of the operation is scheduled for the fifth trading day following the end of the membership period, barring any extensions authorized by Consob: the date indicated is 18 September 2026. If the conditions envisaged by the Issuers’ Regulation are met, a reopening of the terms may also be arranged for five trading sessions, from 21 to 25 September, with settlement set for 2 October.
Why Post Office wants Tim, easily explained
Let’s recap: there are two protagonists of what is happening. The bidder is Poste Italiane, the Italian group active in postal, financial, insurance and payment services, led by CEO Matteo Del Fante. Poste has 120,000 employees, 12,659 post offices, 600 billion euros of assets managed and administered and 46 million customers. The recipient of the operation is Tim, the leading Italian telecommunications company.
No, Poste Italiane does not want Tim with the sole purpose of strengthening Poste Mobile. The objective is more ambitious and far-sighted: Poste wants to acquire control of Tim and eventually lead to the delisting of the telephone company from the stock market.
At this stage, Poste has made a sort of proposal to the shareholders who hold Telecom Italia shares. The purchase proposal was made at a price established directly by the Post Office. For some analysts the proposal is appropriate, while for others it is low.
If the operation goes through, as mentioned, Telecom Italia will exit the stock exchange.
The logic behind the operation concerns the integration between Tim’s network and technological skills and Poste Italiane’s widespread presence across the territory, with possible synergies in digital services, cloud, cybersecurity and data management.
Today, the EU states turn mainly to Amazon, Google and Microsoft for cloud services. The logic behind the operation is that of national control of data centers, networks and cybersecurity. If Poste managed to acquire Tim, Italy would emerge strengthened in the strategic sector of digital transformation. And the EU is waiting for nothing else: Brussels blesses any operation that leads to the birth of European giants capable of competing with those of the United States and China.
The role of the state in the operation
Once the operation is completed, the Italian State would have a preponderant participation.
Please note that today the State is present in Poste Italiane for almost 65% with shares owned by the Cassa Depositi e Prestiti and the Ministry of Economy and Finance. But the State also participates in Telecom Italia, through Poste (27.32%).
