Italy's market regulator Consob has approved the offer document for Poste Italiane's voluntary total public purchase and exchange offer on Telecom Italia shares, clearing the way for a subscription period running from July 20 through Sept. 11.
Poste Italiane aims to acquire up to 66 percent of Telecom Italia's capital, offering shareholders 1.67 euros in cash plus 0.218 newly issued Poste Italiane ordinary shares per Telecom Italia share. Payment is scheduled for Sept. 18, with a possible five-day reopening of terms from Sept. 21 to 25 if conditions are met.
The combined group would generate pro-forma revenue of 26.9 billion euros and EBIT of 4.8 billion, employing more than 150,000 people, with estimated annual synergies of around 700 million euros at full run-rate.