After the relaunch of Poste TIM's official reaction arrives. The Telecom Italia board of directors “recognizes favorably” the improvement of the consideration of the public offer of Poste Italiana and takes note of the “Poste renounces the threshold condition having as its object the achievement of a participation equal to at least 66,67% of the voting rights exercisable in the TIM assemblies”.
On Monday evening, Poste Italiane announced its decision to raise by 30 cents, from 1,67 to 1,97 euros, the cash component of the takeover bid, to which are added 0,218 newly issued ordinary Poste shares for each TIM share tendered.
It should be remembered that a few days ago, even before the relaunch, the top management of Tim, including the number one Peter Labriola, had handed over their entire shares to Poste.
Del Fante: "With Tim, we'll be a European giant."
Poste with Tim will be "truly a giant at European level" CEO Matteo Del Fante said, referring to the industrial group that will emerge from Poste Italiane's tender offer for TIM. "We could go back to saying that Italy has an operator that is accompanying the country in the digital transition and the transition to artificial intelligence, but if there are opportunities outside Italy—and therefore if there is a process of European consolidation—we can sit down and evaluate whether there is an opportunity for us too."
“We will save, reevaluate and continue Tim's current strategy but giving it a significant balance sheet,” Del Fante clarified. “The company will have 5 billion operating margin, will have a capitalization of 50 billion and we will have 150 employees,” he explained, recalling the “serious budget difficulties” TIM suffered in the past due to “excess debt” that prevented it from investing in the technology sector. “As a system in Italy, we cannot afford not to have the broad shoulders to make the investments necessary to bring AI technology into the Italian system,” he stated.
The CEO of Poste Italiane then turned his attention directly to the shareholders of Tim, for whom the adhesion to the takeover bid means above all a return to remuneration. “Poste has always paid them and the financial plans tell us that we can not only continue to pay them to all the new TIM shareholders who come on board, but also with growth objectives; therefore, for the world of TIM shareholders it is an opportunity to reduce risk and be paid in a fairly certain manner”, he concluded.
How is the takeover bid going?
On the first day after the relaunch, membership reached 7,1546% from the previous 6,1588%, a percentage that adds to the 20% already held by Matteo Del Fante's company. This is what emerged from the Italian Stock Exchange announcements released on Wednesday evening, the day after the re-bid on the cash portion of the takeover bid.
The operation will be concluded Friday September 11, but Telecom Italia ordinary shares purchased on the market on 10 and 11 September 2026 cannot be tendered. reopening is scheduled for September 21st to 25th.
Intermonte's judgment
For Intermonte, the relaunch represents a “pragmatic move and aimed at successfully concluding the operation”, with a “significant increase in the probability of success” thanks to the elimination of the minimum threshold, and to conditions that are generally more favourable for Tim shareholders. Analysts also believe that “it is very “content” and “rational” the additional cost for Poste: the extra outlay from 512 million would have a limited impact on leverage and earnings per share growth, with the transaction expected to be accretive to earnings per share (EPS) “as early as 2027”.
According to Intermonte, Poste is paying a modest price to increase its control over TIM "and improve its ability to extract synergies and simplify governance." The company maintains its Outperform rating on Poste with a target price of €33 and continues "to recommend TIM shareholders to accept the offer."
Meanwhile at Piazza Affari, after yesterday the title Tim tried to align itself with the new price, marking a rise of 2,2%, in today's session the shares of the telecommunications company lost 1,1%, while Post (-0,2% Tuesday) is down 2,24%.
