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Telecom Italia board backs Poste's €13 billion takeover bid

· Business ITA

Telecom Italia's board has unanimously endorsed Poste Italiane's voluntary tender offer, deeming the consideration financially fair after the state-controlled postal group tabled a total bid exceeding €13 billion.

The public purchase and exchange offer opens Monday, with shareholders offered €1.67 in cash and 0.218 newly issued Poste ordinary shares for each Telecom Italia share tendered. Poste, which became Telecom Italia's largest single shareholder last year with a 20% stake, is two-thirds owned by the Italian state.

Telecom Italia said its industrial plan will not be updated pending the offer's completion. The company will report first-half consolidated results on July 29.

Story development

  1. Telecom Italia board backs Poste's €13 billion takeover bid
  2. Poste Italiane's bid for Telecom Italia cleared by regulator, subscription opens July 20

Covered by 5 outlets across 3 countries

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The reporting this story is built on

ilsole24ore.com ITA Tim: ok cda a Opas Poste, congruo il corrispettivo offertocnbc.com USA Telecom Italia board backs Poste's $14.9 billion takeover offeransa.it ITA Tim, 'l'offerta di Poste è congrua, coerente col nostro percorso' - Notizie - Ansa.it
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Others reporting the same event

repubblica.it ITA Poste su offerta a Tim. “Nessun impatto su occupazione, sinergie per 700 milioni entro tre anni”telegraaf.nl NLD Italiaanse overheid haalt Telecom Italia van de beurs

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