TIM board approves Poste Italiane's 10.8 bln euro bid

ROME

The board of Telecom Italia (TIM) unanimously approved on July 18 the 10.8-billion-euro ($12.4-billion) voluntary public tender and exchange offer from Poste Italiane, deeming it fair, the company said.

Italy’s state-controlled postal service — which is TIM’s largest shareholder — launched the bid in March, offering cash and Poste Italiane shares for full control.

The offer valued each share in TIM at about a nine percent premium as of March 20.

“The Board of Directors, on the basis of the analyses carried out by management... has given a positive assessment of the rationale and industrial prospects of the transaction and its consistency with the path undertaken by TIM,” the board said in a statement on July 18.

Poste Italiane has said its goal is to build “Italy’s largest connected infrastructure platform.”