Poste Italiane launches tender offer for TIM

On 20 July 2026 the acceptance period began for Poste Italiane's public cash-and-exchange tender offer (OPAS) for up to 1.706bn TIM ordinary shares (around 79.9% of the capital, excluding Poste's existing stake). The offer is €1.67 in cash plus 0.218 new Poste shares per TIM share; TIM's board considers the consideration fair and backs the industrial logic. The period runs until 11 September 2026 (40 trading days); completion is conditional on reaching more than 66.67% of TIM's capital. Second source: Calcio e Finanza. UPDATE (as at 24 July 2026): Take-up of the OPAS remains very low — only 6,600,849 TIM shares have been tendered cumulatively, about 0.39% of the targeted volume. UPDATE (30/31 July 2026): Take-up has risen to around 0.93% of the offer volume (14.2–15.8m TIM shares); at the same time the fall in Poste's share price has pushed the implied offer value down to about €7.40 per TIM share (source: Teleborsa). UPDATE (3 August 2026): Take-up passed the one-percent mark for the first time — 17,265,193 TIM shares tendered cumulatively, or 1.011% of the offer volume, of which 1,451,945 shares on that day alone (source: Teleborsa). Update (6 Aug 2026): Acceptances kept rising — a cumulative 23,595,492 TIM shares, or 1.3828% of the offer volume (2,034,392 shares on that day alone), up from 1.011% on 3 August 2026. Update (15 September 2026): Final result of the acceptance period — 993,596,322 TIM shares were tendered (46.523% of the capital, 58.229% of the offer shares) after Poste had raised the cash component to €1.97 per share on 7 September 2026; Poste thus holds 1,422,960,312 shares or 66.627% of TIM. The acceptance period will be reopened on the trading days 21–25 September 2026 (Teleborsa, 15 September 2026). Update (25 September 2026): after the reopened acceptance period closed, Poste controls 85.82% of TIM, staying below the 90% threshold but holding a broad majority for a possible delisting (ANSA, 25 September 2026). Update (01.10.2026): after the offer closed, Poste bought further TIM shares on the market on 01.10.2026 at no more than €6.65 each and, on settlement, holds 1,857,060,167 shares or about 86.95% of the capital, still below the 90% squeeze-out threshold. On 30.09.2026 Poste's board had already adopted the rules for the direction and coordination of TIM, which has since been integrated into the group. No delisting has been scheduled (MondoMobileWeb, 01.10.2026).