All eyes are on Tim-Poste as the takeover bid gets underway; Labriola describes it as an industrial project

(Il Sole 24 Ore Radiocor) - Sales of Telecom Italia and Poste Italiane on the Milan Stock Exchange (FTSE MIB) on the day the public takeover bid launched by the group led by Matteo Del Fante for the telecoms company begins. Following Saturday’s unanimous green light from TIM’s board of directors, acceptance of the offer begins today: the offer period will last 40 days and will therefore end on 11 September, with settlement scheduled for the 18th of the same month, barring any extensions.

The transaction, aimed at the delisting of the former incumbent, involves a cash component of 1.67 euros and another comprising 0.218 newly issued Poste shares; for a total value of 13.2 billion euros. The transaction will lead to the creation of ‘one of Italia’s leading integrated platforms for connectivity, technology, financial, insurance and logistics services’; with aggregate revenues of approximately 26.9 billion euro, a pro forma aggregate EBIT of approximately 4.8 billion, over 140,000 employees, and expected synergies of 700 million on an annual basis. Morgan Stanley, acting as Financial Adviser and provider of the Fairness Opinion, has issued – in further support of the Offeror’s Board of Directors – a Fairness Opinion, from a financial perspective, on the consideration.

The merits of the deal were highlighted by TIM’s CEO, Pietro Labriola: “It is not merely a financial transaction but a long-term industrial project,” he wrote in a letter to staff on the first day of the offer. If shareholders accept the offer, “the transaction could be completed by the end of the year”. Having Poste Italiane, he adds, “as our main industrial shareholder means being able to count on a partner with whom we share a vision for development, strengthen our investment capacity, accelerate innovation and create new opportunities for growth”.

Analysts at Intermonte (who have a ‘Neutral’ rating on Poste with a target price of 24.2 euros) point out that TIM’s board has viewed the business rationale, the prospects of the transaction and its consistency with the path already embarked upon by the company itself in a positive light. “TIM,” the brokers continue, “has also confirmed that it will not update its business plan before the offer is completed: on 29 July, only the results for the second quarter and first half of 2026 will be published, with a conference call on 30 July.” And, according to the brokers, it is precisely “the favourable assessment by TIM’s board of directors that strengthens the credibility of the offer and should support the acceptance process, without altering the financial terms of the transaction. The focus now remains on the final level of acceptance, a key factor in maximising control, delisting and the industrial integration of TIM into the Poste platform.” Banca Akros is on the same wavelength. “The Board of Directors’ support was widely anticipated and strengthens the offer’s chances of success. We therefore confirm our ‘accumulate’ recommendation and our target price for the share of €8.60,” the experts write.