Poste Italiane assumes operational control of Tim following 85.8% tender offer

Governance framework and board approval

Poste Italiane officially launched its management direction and coordination over Telecom Italia on 30 September 2026, following the completion of its public tender and exchange offer. The transaction concluded with Poste Italiane holding an 85.82% stake in the telecommunications company, representing roughly 86% of total equity. Five days after the tender offer closed on Friday, 25 September 2026, the board of directors of Poste Italiane approved an operational governance regulation setting out the formal framework for corporate relations and information flows between the two groups.

On the same day, the board of directors of Tim convened under the chairmanship of Alberta Figari. The Tim board formally acknowledged the communication from Poste Italiane and approved the identical operational governance regulation governing relationships and information exchanges with Poste Italiane and its operating subsidiaries. The regulatory framework establishes functional coordination between the entities, granting Poste Italiane comprehensive visibility over core strategic initiatives and advance involvement in evaluating key strategic transactions while preserving the legal autonomy of Tim and safeguarding minority shareholders.

Management oversight and operational integration

Under the established guidelines, direction and coordination activities over Tim are exercised by the board of directors, Chief Executive Officer Matteo Del Fante, and General Manager Giuseppe Lasco through their assigned executive powers, as well as by Poste Italiane's organizational structures within their respective areas of competence. The operating document defines centralized oversight and functional coordination designed to eliminate operational redundancies, improve process efficiency, and generate economies of scale.

The entry of Tim into Poste Italiane provides for the sharing of strategic objectives, the coordination of industrial and management policies, the integration of activities and skills to foster development and value creation for the entire Group.

Despite the formal start of management coordination, the corporate governance composition of Tim remains unchanged. Poste Italiane chose not to appoint new representatives to Tim's board of directors at this stage. Instead, the newly approved operational regulation establishes the mechanism through which strategic alignments, common industrial policies, and administrative oversight will function between the parent company and the telecommunications provider.

Market reaction and financial targets

The operational integration between Poste Italiane and Tim targets annual industrial synergies of 700 million euros by combining infrastructure, technologies, and workforce capabilities across both networks. Because Poste Italiane's 85.82% holding did not reach the 90% ownership threshold that triggers a statutory squeeze-out of minority shareholders under Italian financial law, the remaining minority shares continue to trade publicly. The Tim board did not discuss or take action regarding a potential delisting of the company's shares from the Piazza Affari stock exchange during the meeting.

Trading on the Milan stock exchange showed contrasting movements for the two companies on 30 September 2026. Shares of Poste Italiane closed on the FTSE MIB index with a gain of 1.04% at 25.34 euros. In contrast, Tim shares fell 2.58% during the trading day to finish at 6.678 euros, following a price decline during the final thirty minutes of market trading.