Poste Italiane's €13.4bn Offer to Acquire and Delist Telecom Italia (TIM)

Poste Italiane has launched a public tender offer (OPA) to acquire Telecom Italia (TIM) valued at €13.4 billion. The proposal combines cash and Poste shares, meaning shareholders who tender TIM stock will receive a mixed payment. The offer seeks to reach a 66.67% acceptance threshold for completion. On the first day of subscriptions (21 July 2026) investors tendered 832,748 TIM shares, representing about 0.05% of the total shares on offer. Poste estimates that integrating TIM will generate at least €700 million of annual synergies – roughly €500 million from cost savings and more than €200 million from additional revenue – while assuring no substantial changes to TIM employees’ contracts. TIM employed over 25,600 staff at the end of 2025, with more than 16,800 based in Italy. The ultimate aim is to delist TIM and fold it into a multi‑service platform within the Poste group.