Tim, Opas prospectus: Poste aims for delisting and growth

“Should the offer be successful, the offeror intends, amongst other things, to arrange for the delisting of Tim in order to pursue the objectives of integration, the creation of synergies and the growth of the Poste Italiane group.” This is stated in the prospectus for the public takeover and exchange offer (Poste Italiane’s offer for Tim), approved by Consob and published on the morning of Sunday 19 July: confirmation that, once the transaction has been completed, the telecoms company would be delisted and consolidated within the Poste Italiane group to become “The Connecting Platform”, a network offering payment, logistics, telecoms and energy services.

It is further stated in the prospectus that ‘the offeror, as at the date of the offer document, has not taken any decision regarding any future extraordinary transactions relating to the issuer’.

With regard to the threshold condition (the bidder’s holding being equal to or less than 66.67 per cent of the share capital), it is confirmed that this condition may be waived.

Furthermore, Poste Italiane “has identified a total potential for pre-tax synergies of at least 0.7 billion euros per annum once fully implemented, of which 0.5 billion euros attributable to cost synergies, including efficiencies achievable on the issuer’s current borrowing costs and through the optimisation of the issuer’s capital structure. Revenue synergies have been estimated at over €0.2 billion”.

With regard to employment, the document states that Poste “does not intend to make any substantial changes to the employment contracts of employees of TIM and the companies forming part of the TIM Group. Consequently, the offer is not expected to have any direct adverse consequences for the TIM Group’s overall workforce in terms of working or employment conditions”. At the end of 2025, TIM had 25,602 employees (16,847 in Italia and 8,755 abroad).