• Provisional results would give Poste Italiane 66.627% of TIM after shares tendered in the initial offer period are settled
  • Payment is due on 18 September, while a second acceptance window could increase Poste's final holding

The fact

Poste Italiane is set to own 66.627% of Telecom Italia after the initial acceptance period for its takeover offer, according to provisional results published on 11 September. Shareholders tendered about 993.6 million TIM shares, equal to 46.523% of the company. Together with Poste's existing 20.104% stake, that would give it a clear majority once the tendered shares are settled.

Payment for the first acceptance period is scheduled for 18 September. The offer will then reopen from 21 to 25 September, with payment for those shares due on 2 October. The transaction concerns TIM itself, not its former fixed-network business. TIM completed the sale of NetCo through FiberCop to KKR's Optics BidCo in July 2024. TIM continues to use that network under a long-term service agreement.

The assessment

Poste is close to gaining majority control of TIM, but ownership of the operator and ownership of its fixed network are now separate. TIM sold that infrastructure in 2024, so taking control of the company does not give Poste direct ownership of the network used to provide TIM’s fixed services.

That separation sets a practical limit on what majority ownership changes by itself. Poste will be able to influence TIM’s priorities and commercial decisions, but changes that depend on the fixed network will still have to work within the arrangements governing TIM’s use of that infrastructure. The takeover therefore changes who controls the operator without reversing the earlier separation of TIM from its network assets.

For BTW readers, the 66.6% figure establishes who is likely to control TIM, but it does not yet show how the business will operate differently. Poste’s first detailed plan for TIM will matter more operationally, particularly where decisions about fixed services depend on infrastructure that remains outside the group.

What to watch

Watch the final offer result after the second acceptance period and Poste's first detailed plan for TIM under majority ownership. Changes to procurement, customer contracts, investment or the relationship with FiberCop would show where the takeover begins to affect the business beyond its shareholder structure.