Poste Italiane has acquired the remaining stake in TIM held by Vivendi, amounting to 2.51% of the total ordinary shares, thus increasing its share in the former monopoly to 27.32% of the capital.
This was announced in a statement, which added that, having exceeded the current takeover bid threshold, the company intends to make use of the exemption from the obligation to launch a public purchase offer.
"Therefore, under the current regulatory framework, Poste Italiane commits to sell to unrelated parties the ordinary shares held in excess of the aforementioned relevant threshold within 12 months from the completion of the purchase, and in the meantime, will refrain from exercising the voting rights attached to those shares," the statement emphasized.
The consideration for the acquisition is equal to the closing price of the shares on December 10, totaling 187 million euros, and will be financed using available cash, the company added.
"With this transaction, Poste Italiane strengthens its strategically significant investment in TIM, confirming its objective to act as a long-term industrial shareholder by generating synergies and creating value for all stakeholders," the statement concluded.
Full statement
(Giancarlo Navach, editing by Andrea Mandalà)
