The Opas is now behind us, now we move on to phase two: theintegration of Tim into the Poste Italiane group The deal is now in full swing. Five days after the transaction, which brought Poste Italiane to 85,82% of the telco's capital, the Board of Directors, led by CEO Matthew Del Fante and the general manager Giuseppe Lasco approved the regulation for the exercise of management and coordination over TIM and its subsidiaries.
The document spells out the rules of the new structure and governs the relationships between the two companies, starting with information flows and the parent company's involvement in major decisions. The new configuration envisages, as Poste explains, the "sharing of strategic objectives," the coordination of industrial and management policies, and the "integration of activities and skills," with the aim of fostering development and creating value for the entire group.
Poste takes the helm, Tim remains independent
La direction and coordination will be exercised by the Cda, by the CEO and the general manager of Poste Italian companies, each within the scope of their assigned powers, with the involvement of the parent company's organizational structures for their respective areas of expertise. The new model also provides, where appropriate, for centralized management of activities or functional coordination, with the aim of achieving economies of scale and improving process efficiency.
Poste Italiane will also have full visibility over TIM's main activities and initiatives and will be involved in the early assessment of strategically significant transactions, including material transactions. The regulation therefore defines procedures and information flows through which the parent company will be able to monitor and evaluate the telco's most important initiatives, strengthening coordination within the group.
The new structure, however, leaves the situation unchanged. the legal autonomy of Tim and its subsidiaries, a forecast that Poste also indicates as protection for minority shareholdersThe start of the management and coordination process does not, for now, entail a change at TIM's top management: the current Board of Directors will remain in office until its expiration in the spring, including CEO Pietro Labriola.
The game of synergies: infrastructure, technologies and skills
This is where an important part of the integration will be played out. Poste aims to "pool the infrastructure, technologies and skills" of the two groups and to develop new industrial synergiesThe measure approved by the Board of Directors currently defines the governance rules and the relationship between Poste and TIM, without going into the details of the individual initiatives.
However, the issue remains open delistedWith 85,82% of the capital, Poste did not reach the 90% threshold that would have triggered the conditions for the squeeze-out, allowing it to acquire the remaining shares and accelerate Tim's exit from Piazza Affari. The group will therefore have to evaluate other avenues to delist, including further acquisitions on the market or, according to circulating speculation, a possible merger with a group company like PosteMobile. For now, the focus is on industrial integration and leveraging synergies between the two groups.
