Pietro Labriola and the top management of Tim side with Poste Italiane. The CEO and key management personnel have delivered the shares in their possession to the takeover bid promoted by the postal group. This decision comes in the final days of the offering and sends a clear signal to the market, while subscriptions remain far from the threshold indicated by Poste Italiane.
Top management's participation was finalized last week. TIM did not disclose the total number of shares awarded, referring details to the internal dealing disclosures required by law.
A signal to shareholders before the final rush
Labriola's move shifts management support from a statement-based to an action-based level. Tim recalled that on July 18 the board of directors he had deemed it appropriate, from a financial point of view, the consideration for the offer, also positively evaluating its rationale and industrial prospects. For each Tim share deliveredPoste Italiane is offering €1,67 in cash and 0,218 newly issued shares. The transaction, valued at €13,2 billion, will close on September 11th, unless extended, with the regulation expected on September 18th. A reopening window could then open from September 20th to 25th.
The data to follow remains that of registrations. On Friday, September 4th, they had stopped at 5,4%, bringing Posted around 25% of Tim's capital considering the participation already held. distance from the minimum target of 66,67% therefore remains large and focuses on the final outcome of the operation. It is in this context that the management's decision takes on a particularly political and industrial weight. The number of shares delivered may not substantially shift the balance of power, but the management's unanimous support provides the other shareholders with a clear indication of the current TIM leadership's assessment of the operation.
The Post Office project beyond finance
Labriola had already publicly supported the offer in a letter to the employees. The takeover bid, he had written, “it is not just a financial operation but a long-term industrial project”According to the CEO, the arrival of Poste as the main industrial shareholder would allow for increased investments, accelerate innovation, and open up new growth opportunities. The project aims to gather Telecommunications, technology, financial services, insurance, and logistics. If successful, the merger would create a group with approximately €26,9 billion in aggregate revenues, a pro forma EBIT of €4,8 billion, and over 140 employees. The expected synergies amount to €700 million annually.
Poste aims to gain full control of Tim and subsequently delist it. From Piazza Affari. Matteo Del Fante promised to safeguard the telephone company's identity and commercial presence. "We want to preserve the TIM name, TIM's customer base, the goodwill, and the entire history of what was perhaps the largest Italian company," said Poste Italiane's CEO.
The plan also includes the integration of Poste Mobile into Tim, without interruption for its five million customers. Post offices should have dedicated spaces for the telco's services, while TIM stores would largely continue to operate, integrating into the new group's network.
The threshold remains distant, the market is waiting for Poste
The offer will become binding for Poste Italiane once it exceeds 66,67% of the share capital. If the acceptance rate is lower, the postal group's board of directors will decide whether to waive the threshold and proceed anyway.
The market does not even exclude a possible relaunch in extremisAny improvement could come only in cash, so as to prevent the issuance of new shares from reducing the state's overall stake in Poste below 50%. The game, therefore, remains open. But in the week in which shareholders are called to make their final decision, Labriola and the top management have already decided which side they will take.
