Telecom Italia board backs Poste takeover

Telecom Italia (TITm)’s board has unanimously approved the voluntary public tender and exchange offer launched by Poste Italiane (PSTm) for all TIM shares. The board judged the consideration offered to be fair from a financial point of view and said the operation’s rationale, business prospects and strategic coherence with TIM’s existing path were positive. This assessment was based on analyses and fairness opinions provided by advisers engaged by the company.

The endorsement removes a key governance uncertainty around the proposed transaction and clarifies that the board views the proposed combination as aligned with TIM’s industrial objectives. The decision also sets the stage for the formal launch of the offer to shareholders under a defined timetable.

The public offer is scheduled to begin on Monday 20 July 2026 and to close on 11 September 2026. Within this framework, the plan cited in reporting aims to increase Poste Italiane (PSTm)’s stake in TIM to about 67%. Poste became TIM’s largest single shareholder last year with a 20% stake, and the new offer targets the shares it does not already own.

Following the increase in its holding, the plan foresees proceeding to a merger between the two groups and the delisting of TIM by the end of the year. The operation is structured as a combined cash-and-share offer, though the precise financial metrics are not detailed in the verified material provided.

Poste Italiane (PSTm) is two-thirds owned by the Italian state and operates a network of around 12,600 post offices that, among other services, distribute pensions. The group has been pursuing a broader digital transformation strategy since the early 2000s, initially moving into electronic payments. Over the past decade, it has helped enroll about 30 million users in Italy’s digital identity system, representing roughly 70% of the total user base for that infrastructure.

Poste presents the proposed acquisition of TIM as a further step in its expansion into digital, telecommunications and cloud services. It argues that integrating TIM within a larger state-backed group could support the development of distributed computing infrastructure across Italy, combining TIM’s telecom capabilities with Poste’s digital platforms and physical network coverage.

While the offer process is under way, TIM has stated that it will not update its industrial or business plan. Instead, the company will limit its meeting on 29 July 2026 to approving consolidated second-quarter and first-half 2026 financial results. These results are scheduled to be presented to the market in a conference call on 30 July.

By postponing any changes to its industrial plan, TIM is keeping its strategic roadmap stable while the outcome of the public offer remains uncertain. The company will, however, continue regular financial disclosure, providing investors with updated operating and financial data during the offer period.