Poste Italiane may transfer PosteMobile to Telecom Italia (Tim) through a contribution in exchange for shares, a move that would allow it to maintain a significant stake in the former monopoly operator in the event of a conversion of Tim's savings shares into ordinary shares.

Three sources familiar with the matter told Reuters that this option is among those being considered by Poste, particularly in light of the upcoming reform of the Consolidated Law on Finance (Tuf), which would raise the threshold triggering a mandatory public tender offer from the current 25% to 30%.

Poste, which currently holds a 24.8% stake in Tim, does not intend to launch a takeover bid for the company and wants to keep a stake close to the new 30% threshold, one of the sources said.

To this end, the group is considering several options, including transferring PosteMobile to Tim in exchange for ordinary shares in the telecom group, the sources explained.

Such a move would allow Poste to increase its stake in Tim's capital following the conversion of savings shares, which would otherwise dilute its holding in Tim's ordinary share capital to 17%, the sources said.

The same sources emphasized that no decision has been made in this regard and that the timing of any potential transactions remains uncertain.

Both Poste and Tim declined to comment.

The conversion of savings shares--which account for around 28% of Tim's share capital--into ordinary shares is a long-awaited step for Tim. It would eliminate a class of shares that guarantees holders a minimum dividend when the parent company Tim Spa posts a profit.

Tim CEO Pietro Labriola has repeatedly told analysts that the company intends to carry out the conversion in accordance with market practices.

A key step in this process will be the awaited ruling from the Court of Cassation on the return of the 1998 concession fee, which could bring EUR1 billion into the coffers of the former monopoly operator.

PosteMobile has around 5 million customers in Italy and, starting next year, will rely on Tim's mobile network to provide connectivity to retail clients. According to a report published this week by Intermonte, the division could be worth EUR900 million.

Another possibility Poste is considering as part of this strategy is the purchase of the remaining stake in Tim held by Vivendi, amounting to 2.5%, which at current market prices is worth about EUR200 million.

Vivendi declined to comment.

Poste built up its stake in Tim this year by acquiring the holding from Cdp and much of Vivendi's share, replacing the latter as the company's largest shareholder.

(Elvira Pollina, editing by Gianluca Semeraro)