Poste Italiane → Telecom Italia
State-controlled Poste Italiane offers €10.8bn to take over all of Telecom Italia and delist it, building a national 'digital champion'.
"Salta o rivista" (falls through or revised): tender offer withdrawn, lapsed, or completed with consideration or perimeter changed versus the announcement. "Riesce e crea valore" (succeeds and creates value): offer completed on announced terms with Telecom Italia delisted (via acceptances, squeeze-out or merger) within twelve months of completion. "Va in porto ma delude" (completes but disappoints): completed on announced terms but without delisting within that term. Resolution based on official issuer announcements or rulings by the competent authorities (ente/primaria tier sources); the card closes at the first condition met.
Moody's has upgraded TIM's rating to Baa3 with a positive outlook, indicating a favorable change post-OPAS in the M&A operation of Poste Italiane on Telecom Italia.
At the end of the reopening period of the OPAS, Poste Italiane reached 85.8% of TIM's capital, marking significant progress in the acquisition.
On the first day of the reopened acceptance period, Poste Italiane reaches 67% of TIM's share capital, a further step up from the 66.627% definitively recorded on 15 September 2026. The reopening of the offer period marks the start of the post-OPAS phase aimed at further consolidating the stake acquired.
On 15 September 2026, the final results of the tender offer were announced: Poste Italiane has reached 66.627% of TIM's share capital. The definitive figure (previously reported as a provisional 66.6%) formally closes the acceptance period and paves the way for the next steps of the transaction.
Poste Italiane has provisionally reached 66.6% of TIM's capital, a material threshold in the M&A operation.
As of 8 September 2026, acceptances in Poste Italiane's tender offer for Telecom Italia exceed 7.1% of share capital, further progressing from the 6.15% recorded on 5 September. The acceptance pace remains well below the thresholds required for the offer's success and does not yet signal a structural acceleration.
As of 5 September 2026, acceptances of Poste Italiane's tender offer for Telecom Italia exceed 6.15% of share capital, a clear step up from the 3.7% recorded on 29 August. The pace of acceptances nonetheless remains far below the thresholds required for the offer to succeed and does not yet signal a structural acceleration.
As of 29 August 2026, acceptances in Poste Italiane's OPAS on Telecom Italia exceed 3.7% of share capital, further progressing from the 2% recorded on 18 August. The acceptance rate remains very low and no material success threshold has been reached.
As of 18 August 2026, acceptances of Poste Italiane's tender offer on Telecom Italia exceed 2% of share capital, up from the 1.92% recorded on 14 August. The pace of acceptances remains very low and no material threshold for the offer's success has been reached.
As of 14 August 2026, acceptances in Poste Italiane's tender offer for Telecom Italia have reached 1.92% of share capital, up from the 1.62% recorded on 10 August. The pace of acceptances remains very low: no material success threshold has been reached and the trend shows no significant acceleration.
As of 10 August 2026, acceptances of Poste Italiane's tender offer for Telecom Italia reach approximately 1.62% of share capital, up from the 1.52% recorded on 7 August. The pace of acceptances remains very subdued and no material threshold for the offer's success has been reached.
As of 7 August 2026, acceptances in Poste Italiane's tender offer for Telecom Italia exceed 1.52% of share capital, up from 1.01% recorded on 3 August. The pace of tendering remains very low. Separately, Moody's has placed TIM's rating under review for a possible upgrade, a positive external signal linked to the offer.
As of 3 August 2026, acceptances in Poste Italiane's tender offer for Telecom Italia have exceeded 1.01% of share capital, up from the 0.9% recorded on 31 July. The pace of acceptances remains very low.
As of 31 July 2026, acceptances of Poste Italiane's tender offer on Telecom Italia have exceeded 0.9% of share capital, up from 0.49% recorded on 27 July. The pace of acceptances remains very low in the early stages of the offer period.
As of 27 July 2026, acceptances in Poste Italiane's tender offer for Telecom Italia stand at 0.49% of the share capital. This figure, the first official update since the offer launched, signals a very cautious start from TIM shareholders, though the acceptance period is still in its early stages.
Poste Italiane launches the OPAS on TIM, with the telco's Board deeming the consideration appropriate.
Poste Italiane approves a capital increase of €372 million, a concrete signal that the company is raising the financial resources needed to support its bid for Telecom Italia.