"We are now entering a new phase in our history." This is the opening line of the letter to employees sent by Matteo Del Fante and Giuseppe Lasco, respectively Chief Executive Officer and General Manager of Poste Italiane, regarding the total takeover and exchange bid launched for TIM.
Subscriptions to the TIM takeover bid from today until 11 September
"Today, Monday 20 July, the acceptance period begins, which, unless extended, will end on 11 September. Poste Italiane is starting to acquire TIM shares on the market and is giving substance to one of the most significant economic-industrial projects of recent years for our sector, for the telecommunications sector and for the entire Italian economic system", they explain. "The aim of this operation is to create the largest connected infrastructure platform in the country: a strategic group that is a leader in financial and insurance services, logistics, telecommunications and digital services, integrating two of Italy's most important industrial companies," Poste's top management continues.
The characteristics of the takeover bid
"The offer includes a cash component and a share component. For each TIM share accepted under the bid, Poste Italiane will pay TIM shareholders a total consideration of €1.67 in cash and 0.218 newly issued Poste Italiane ordinary shares. The value of this transaction goes beyond these figures, as it is also supported by our shareholder remuneration policy, which has grown progressively in recent years thanks to constantly improving economic results. It is an opportunity that can also translate into tangible benefits for TIM shareholders, who, by accepting the offer and becoming shareholders of Poste, will be able to receive dividends again", they emphasise.
Launch of the communication campaign on the transaction
"Starting today, we will be launching a communication campaign to support the transaction, which will be visible on all media, from TV to newspapers, on the web and on the radio and in the post office network, to inform TIM shareholders and make everyone aware of the significance of the transaction. We are firmly convinced that, together, we will be able to best communicate the importance of the Poste project with TIM and meet the challenge of building an organisation that is even stronger, more innovative and capable of creating value for the country, for our customers and for all our shareholders. A new phase of our history begins; let's continue to build it together", the managers say.
Poste looks to the future with optimism
"We are a unique organisation, driven by an unparalleled sense of belonging, by a concrete and effective capacity to achieve, by a history that demonstrates progress, development and innovation, and which, with this operation, looks to the future with optimism, driven by further growth", write Del Fante and Lasco. "With this operation, we intend to create an even stronger and more innovative national platform, capable of integrating the local presence and trust built by Poste with TIM's technological infrastructure, digital skills and connectivity capabilities. This is why the importance of the transaction lies not only in its size, but above all in the vision that inspires it, and the combination of the skills and infrastructures of the two companies will be able to generate significant synergies and strengthen the Group's ability to compete as a leader in an increasingly digital and interconnected environment”. Finally, "The challenges ahead can only be transformed into real opportunities thanks to the professionalism, experience, passion and team spirit that you put at the service of our customers and the organisations in which we operate every day", conclude the CEO and the GM of Poste Italiane
