The journey towards the continuesand wedding between Poste Italiane and Tim which will lead to the creation of a national champion of digital transformation. The board of directors of the company led by Matteo Del Fante has in fact given the green light for the capital increase of 372 million, necessary for the continuation of the operation.
Post Office: Board of Directors exercises power of attorney and increases capital
In detail, the board of Poste Italiane, meeting on Tuesday under the presidency of Silvia Maria Rovere, has capital increase approved paid-up share capital totaling €371.986.879, plus a premium, to service the voluntary takeover bid launched by Poste Italiane on Telecom Italia shares.
The board of directors, confirming expectations, has exercised the delegation granted by the shareholders' meeting on June 18. This involves the issuance of 371.986.879 ordinary shares, in one or more tranches and in divisible form, with the exclusion of the pre-emptive right as provided in these cases by Article 2441, paragraph 4, first sentence, of the Civil Code, the company explains in a statement. The shares will be to Tim shareholders who will join the offerFollowing the reverse stock split carried out by TIM in June, the statement continues, the economic value of the tender offer has not changed. This means that for each TIM share tendered, Poste is offering €1,67 in cash and 0,218 newly issued Poste shares.
In case of full membership, Tim shareholders will hold approximately 22,2% of Poste's capital while the group led by Matteo Del Fante would pay approximately 2,85 billion euros in cash. The goal remains to integrate TIM's landline and mobile networks with Poste Italiane's financial, insurance, and logistics services, as well as cloud, data centers, cybersecurity, IoT, and artificial intelligence.
We are waiting for the final approval from Consob.
The exercise of the delegation and the capital increase represent a necessary technical step to be able to proceed with the offer, pending the final approval from Consob.
Poste has already received approvals from the Brazilian Antitrust Authority, the European Commission, and the Presidency of the Council of Ministers under the Golden Power.
