Poste and TIM down; OPAS closes tomorrow
Securities valued at the offer price
Chiara Di Michele
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(Il Sole 24 Ore Radiocor) - A session of falling prices for Poste Italiane and Telecom Italia on the eve of the close of the ordinary acceptance period for the offer launched by the group led by Matteo Del Fante on the telecoms company. The two shares are trading in line with the offer price, which, at current stock market prices, values each TIM share tendered at around 7.5 euros, taking into account both the cash component and the Poste Italiane shares. The current acceptance rate – two days after Poste’s relaunch – remains low, at around 10.7 per cent of the shares subject to the offer, equivalent to approximately 8.5 per cent of the share capital of the group led by Pietro Labriola. Attention is now focused on the final days of the offer and the additional acceptance period scheduled for 21 to 25 September.
Meanwhile, the telecoms group’s board of directors has ‘welcomed” the improved terms of the deal, with the cash component increased by €0.30 per share to €1.97, whilst the share component remains unchanged at 0.218 new Poste shares for every TIM share tendered to the offer. Poste, which already holds a 20 per cent stake in TIM, has also waived the condition that 66.67 per cent of the share capital must be achieved for the transaction to take effect.
Mediobanca, acting as financial adviser to Poste, highlights the comments reported today by *Il Sole 24 Ore* regarding the pressure on TIM shareholders who have not accepted the offer. There is a risk that the share price could face a significant correction once the support provided by the offer ceases. At the same time, joining the Poste group would ensure greater commercial stability for TIM and enable the company to benefit from at least €700 million in expected synergies. Analysts at Equita confirm ‘the sound strategic rationale behind the deal’, maintaining a ‘Buy’ recommendation but raising the target price to 31 euros, ‘assuming that Poste acquires full control of TIM’, compared with the previous €27.4, which was based on a 50 per cent acquisition.
