Poste Italiane's offer of over 13 billion on Tim has officially started, An operation that targets one of Italy's leading integrated platforms for connectivity, technology, financial, insurance, and logistics services.
The membership period will last 40 days and will be will end on September 11th, with settlement expected for the 18th of the same month, subject to any extensions.
The details of the offer
Poste aims to reach at least 66,67% of Tim shares, even if the real objective is to gain total control of the company and then proceed with the delisting.
The operation includes a component iin money equal to 1,67 euros and another one in 0,218 newly issued Poste shares; for a total value ofthe 13,2 billion euros. At Friday's stock market prices, this means assigning to each share of the group led by Pietro Labriola a value of 7,739 euros (7,847 was the closing price of Tim on July 17th at Piazza Affari). So much so that today the shares Tim drops 1,8% at 7,705, just below the offering price, while Poste shares are down 1,15%.
If the takeover bid goes well, the marriage between the two groups will create a giant with aggregate revenues equal to approximately 26,9 billion euros, a Aggregate EBIT pro forma of approximately 4,8 billion, in addition 140 thousand employees and are provided synergies of 700 million on an annual basis.
For the shareholdingPoste currently holds a 20,1% stake in TIM, while the Ministry of the Economy and Finance holds 29,26% of the postal group and CDP holds 35%. The offer document calculates that if Poste were to acquire 100% of TIM, CDP would decrease its stake to 27,24% and the Ministry of the Economy and Finance to 22,77% of the capital of the group led by Matteo Del Fante. With 67% of TIM, Cassa Depositi e Prestiti will hold 30% and the Ministry of the Economy and Finance will hold 25%.
The judgment of the analysts
Analysts Intermonte (who have a Neutral rating on Poste with a target price of 24,2 euros) recall that on Saturday the board of Tim positively assessed the industrial rationale, the prospects of the operation and the coherence with the path already started by the company itself Tim, the brokers continue, "it also confirmed that will not update the industrial plan before the offer is completed: Only the results will be published on July 29th Second quarter/first half of 2026, with a conference call on July 30th”. And, again according to the brokers, it is precisely “the favorable opinion of the TIM Board of Directors strengthens the credibility of the offer and should support the accession process, without changing the economic terms of the operation. The focus now remains on final level of membership, key element to maximize control, delisting and industrial integration of Tim into the Poste Italiane platform”.
On the same wavelength Banca Akros. “The support of the board of directors was widely expected and strengthens the chances of success of the offerWe therefore confirm our "accumulated" recommendation and our price target on the stock of 8,60 euros, the experts write.
Tim CEO Labriola writes to employees
The quality of the offer was highlighted today by the number one of Tim, Pietro Labriola, a letter to employees of the telecommunications company. The takeover bid by Poste Italiane on TIM, he wrote, "is not only a financial operation but a long-term industrial project".
In the letter, the manager retraced the steps leading up to the launch: "The last few days have marked an important step in the process regarding the public purchase and exchange offer launched by Poste Italiane on TIM. On July 18, the board of directors unanimously approved TIM's press release, deeming the consideration for the offer is appropriate from a financial point of view and positively evaluating the rationale and industrial prospects of the operation, in line with the transformation path undertaken by our group".
“If the shareholders accept the offer, the operation could be concluded by the end of the year“, adds Labriola, according to whom, having Poste Italiane “as the main industrial shareholder means being able to count on a partner with whom we share a development vision, strengthen our investment capacity, accelerate innovation and create new growth opportunities.”
“The skills, assets and presence on the territory of the our two companies are complementary and represent a solid basis for develop new services and generate value over time,” stated TIM’s CEO. “All of this,” he continued, “is possible because over the last four years we have brought TIM back onto a path of credibility, transformation, and results. The courageous decisions we have made together allow us to approach this new phase from a completely different position than in the past. There are still some important steps ahead, and we will continue to monitor them with the utmost attention. In the meantime, the most important thing is to continue doing what we have proven we can do: execute our plan, work together, and maintain our focus on customers and results.”
