Poste Italiane

Poste Italiane improved its public cash-and-share offer for Telecom Italia: the cash component rises from €1.67 to €1.97 per share, the exchange component remains at 0.218 Poste shares, total consideration about €11.3bn. The minimum acceptance threshold of 66.67% was also removed and the acceptance period extended to 25 September. CEO Pietro Labriola and other managers submitted their own TIM shares to the offer, boosting investor confidence; Moody’s placed TIM’s Ba1 rating under review for a possible upgrade. As a result, TIM’s share price rose intraday by around 2.2% to €7.635 after arbitrage-driven buying. » More on de.investing.com

State-controlled Poste Italiane has made a takeover offer for Telecom Italia (TIM) worth about 10.8 billion euros — 2.8 billion euros in cash and the remainder in its own shares — with the goal of taking TIM off the stock market. CEO Matteo Del Fante cites national sovereignty as the reason and plans to integrate connectivity, financial and insurance services and logistics, with offerings in cloud, cyber security and AI. Poste Italiane expects annual synergies of around 700 million euros and intends to keep TIM as an independent brand within the group. After the announcement, Poste shares briefly fell sharply while TIM’s stock rose; analysts characterized the premium as moderate. » More on faz.net

Poste Italiane has tabled a €10.8 billion cash-and-stock takeover bid for Telecom Italia, valuing Telecom Italia at €0.635 per share, a premium of nine percent. Telecom Italia shares rose about five percent while Poste Italiane’s shares fell. With the acquisition, Poste Italiane aims to take Telecom Italia off the stock market and secure mobile and fixed networks, cloud and data-center infrastructure, and the ability to handle secure data processing for the state. Poste Italiane expects pre-tax synergies of €700 million per year; the deal is expected to close by the end of 2026. » More on wiwo.de