Poste Italiane's Takeover of Telecom Italia Falls Short of Delisting Mark
Poste Italiane's Acquisition Efforts and Market Impact
Takeover Bid Results
MILAN, Sept 25 (Reuters) - Poste Italiane has secured 85.82% of Telecom Italia (TIM) after increasing the price of its takeover bid and reopening it, Reuters calculations based on stock exchange data showed on Friday.
The take-up falls short of the 90% ownership threshold that would have allowed Poste to take TIM private, meaning the national post office would need to find other ways to delist it if they stick with their initial goal.
Background of Poste Italiane and TIM
Poste Italiane's Role and Expansion
Poste, which is controlled by the Italian state and operates mail, financial, energy and mobile services, last year became TIM's main shareholder, replacing France's Vivendi.
Details of the €13 Billion Bid
In March it launched a €13 billion bid to take TIM private as part of a plan to create a national champion in digital infrastructure and services. It has forecast annual pre-tax benefits of €700 million from the deal.
Timeline of the Takeover Process
Main Phase and Price Increase
Poste had secured 66.6% of TIM during the main phase of its bid, which ended on September 11 - four days after a price increase.
Reopening of the Offer
The offer reopened on Monday for a further five days.
Reporting Credits
(Reporting by Elvira Pollina, additional reporting by Alvise Armellini; Editing by Valentina Za)
