Poste Italiane’s offer to take control of TIM has been featured in the Financial Times, the most authoritative financial newspaper on the international stage. In the article, titled “Boss of state-controlled Poste Italiane defends €10.8bn bid for Telecom Italia,” Matteo Del Fante states that Poste Italiane has “demonstrated to be a market company” and that the proposed combination represents “a move towards the market.” According to the Poste CEO, “this deal would increase the group’s free float, as the state’s stake in the merged entity would from 65 to 50 per cent, and new shares would be issued to TIM investors.” Poste, which has already built up a 27.5% stake in the telecom group – making it its largest shareholder – is offering TIM shareholders €0.167 in cash plus 0.0218 new Poste shares for each share tendered.
Synergies and growth for TIM
Del Fante described the offer as “fair” and added: “The offer is fair; we plan to start paying a dividend,” FT reports, “something TIM shareholders have not received for five years.” “If you own TIM today,” the CEO continued, “and accept the offer, you continue to share in the upside. The point is not just the value we offer upfront, but the chance to benefit from future synergies and a stronger growth trajectory under Poste.” Del Fante expects to complete the transaction by September. The combined group would become the largest employer in Italy, with more than 150,000 employees, the Financial Times analysis concludes.
