Poste Italiane to launch €10.8bn TIM takeover bid on July 20 after CONSOB green light

CONSOB approval

Italy's stock market regulator CONSOB approved the offer document for Poste Italiane's voluntary totalitarian public exchange and purchase offer (OPAS) for Telecom Italia (TIM) on July 15, formalized in resolution no. 24080. The green light removes the last regulatory obstacle, following earlier authorization from the Bank of Italy for the indirect acquisition of a stake in TIMFin. Poste Italiane, already TIM's largest shareholder with a roughly 27% stake after buying 17% from Vivendi in two transactions last year, will open the acceptance period on July 20 at 8:30 a.m. CET, in coordination with Borsa Italiana. The offer document will be filed with CONSOB and made available on Poste Italiane's website and through global information agent Sodali & Co.

Offer terms

The consideration mixes 1.67 euros in cash and 0.218 newly issued Poste Italiane ordinary shares for each TIM share tendered. The share ratio was adjusted to reflect TIM's share consolidation that took effect on June 15, 2026, without changing the economic value of the offer. The acceptance window runs for 40 trading days, closing on September 11 at 5:30 p.m. Poste Italiane aims to reach at least 66% of TIM's capital. Payment of the consideration is expected on September 18, according to Il Giornale, though La Stampa reports a later date of October 2. A reopening of terms between September 21 and 25 is possible under Italian takeover rules if certain conditions are met.

Strategic vision

Poste Italiane CEO Matteo Del Fante described the combined entity as "the largest connected infrastructure platform in the country, an engine of innovation and a strategic pillar of the national economy." The merger would unite Poste's network of over 12,000 post offices with TIM's ultra-broadband network and data centers, creating an omnichannel platform spanning financial services, digital payments, last-mile logistics, energy, cloud, and connectivity. The deal is framed not as a mere diversification but as an industrial convergence that turns physical and telecom networks into a backbone for public administration, businesses, and citizens.

The new group will be the largest connected infrastructure platform in the country, an engine of innovation and a strategic pillar of the national economy.

TIM board response

TIM's board of directors is expected to meet on July 17 for an initial discussion on the offer's fairness, with a formal opinion likely by July 18, just before the acceptance period begins. The industrial plan originally scheduled for July 29 is now postponed; Poste Italiane will instead present only second-quarter and first-half 2026 financial results on July 24. The board's assessment, required under Italy's consolidated finance act, will be a key signal for minority shareholders.

Financial projections

Poste Italiane projects that the combined group would generate pro-forma revenues of 26.9 billion euros and EBITDA of 4.8 billion euros, employing over 150,000 people. Annual synergies are estimated at around 700 million euros, with 500 million from cost savings and 200 million from additional revenues. The cash-and-share structure is designed to preserve Poste's capital ratios while limiting debt accumulation.