Poste Italiane secures 85.8% of Tim in 11.3 billion euro tender offer

Final tender results and ownership total

Poste Italiane concluded its public tender and exchange offer for Telecom Italia on 25 September 2026, securing an 85.82% stake in the telecom group. Data released by Borsa Italiana at the close of trading confirmed that acceptances during the five-day reopening period reached 82.2542% of the shares subject to the offer. That intake corresponds to 65.72% of Tim's total share capital, which adds to the 20.1% holding Poste Italiane already owned prior to the transaction. In total, Poste Italiane now controls 1,832,917,988 shares in Tim across an operation valued at 11.3 billion euros. On the final day of the offer, shares of Poste Italiane rose 0.43% to end at 25.82 euros on Piazza Affari, while Tim shares declined 2.69% to finish at 7.241 euros.

Progression of the offer and the missed squeeze-out

The takeover process began in March 2026 before formal acceptance opened on 20 July 2026. After acceptances jumped from 20.9% to 58.2% on the last day of the initial tender period, Poste Italiane raised the cash component of the offer by 0.30 euros to 1.97 euros per share on 7 September 2026 and dropped its initial 66.67% acceptance condition. The offer reopened for five additional trading days from 21 September to 25 September 2026, lifting Poste from 75.6% before Friday's opening bell to its final 85.82% position. The final tally fell just over four percentage points short of the 90% threshold required to trigger an automatic squeeze-out of minority holders. Reaching 90% would have permitted Poste to forcibly acquire the remaining shares and fast-track delisting from Piazza Affari. Analysts at Equita described the operational necessity of taking Tim private.

“A faster and more effective realization of the industrial synergies of the combination, which will also benefit Tim shareholders who tendered their shares through exposure to the combined group.”

Alternative mechanisms for completing delisting

Delisting Tim remains the explicit objective of Poste Italiane chief executive Matteo Del Fante and general manager Giuseppe Lasco, who seek to capture 700 million euros in projected annual industrial synergies. Because Poste controls more than two-thirds of Tim's voting equity, the company possesses full authority in both ordinary and extraordinary shareholder meetings. This voting power allows Poste to execute a statutory merger between Tim and the parent company, or merge Tim into an unlisted subsidiary such as Poste Mobile within the group's three macro-business divisions. In such a merger, shareholders who vote against the transaction would receive cash compensation. Poste also retains the option to buy residual shares directly on the open market, or wait for Borsa Italiana to revoke the listing if the reduced free float impedes orderly trading.

Prior stake20.1%

Tendered shares65.72%

Pre-final day total75.6%

Final total stake85.82%

Two-thirds quorum66.67%

Squeeze-out threshold90%

Prior stake

20.1 %

Tendered shares

65.72 %

Pre-final day total

75.6 %

Final total stake

85.82 %

Two-thirds quorum

66.67 %

Squeeze-out threshold

90 %

Data from the article text

Return to public control and national champion structure

The completion of the tender offer brings an end to Tim's era as an independent private enterprise and returns the telecom operator to state control. The Italian Ministry of Economy and Finance exercises majority ownership of more than 50.1% in the combined entity, held directly and indirectly through Cassa Depositi e Prestiti. Italian authorities intend to use the joint group as a national champion to advance the digital transition across the country. Management plans to settle on its specific delisting route and integration roadmap over the coming months.