(Alliance News) - Poste Italiane Spa announced on Thursday that it has completed the acquisition of the remaining stake held by Vivendi SE in Telecom Italia Spa, further strengthening its position as a long-term industrial shareholder in the telecom group.
The transaction involves 384.1 million ordinary shares, representing 2.5% of TIM's ordinary share capital and 1.8% of the company's total share capital. The consideration, based on the closing price of December 10, amounts to a total of EUR187 million and will be financed through the company's available cash resources.
Following this purchase, Poste Italiane's stake in TIM will increase from 24.8% to 27.3% of ordinary shares, corresponding to 19.6% of the total capital. This increase results in the crossing of the relevant threshold under regulations concerning mandatory public tender offers.
Poste Italiane stated that it intends to take advantage of the exemption provided by Consob regulations and commits to sell the shares exceeding the threshold within 12 months to non-related parties, and not to exercise the voting rights attached to those shares until the sale is completed.
As emphasized by Poste Italiane, the transaction allows the company to consolidate its strategic investment in TIM, confirming its intention to act as a stable industrial shareholder with the goal of developing synergies and creating value for all stakeholders.
Poste Italiane shares closed Thursday up 0.5% at EUR20.70 per share, while TIM shares rose 0.8% to EUR0.49 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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