Poste Italiane Eyes Telecom Italia Takeover

Poste Italiane, Italy's state-controlled postal service, has made a substantial €10.8bn cash and stock offer for Telecom Italia. This bid, which includes €0.167 in cash and €0.0218 of new Poste Italiane stock per share, represents a 9 per cent premium over Telecom Italia's closing price on Friday, March 20, 2026.

Telecom Italia is scheduled to convene a board meeting on Monday, March 24, 2026, to deliberate on the proposal. Sources indicate that Telecom Italia's CEO, Pietro Labriola, was supportive of the bid, viewing it as an opportunity to foster a 'national champion' within the country's telecommunications landscape.

However, analysts have voiced skepticism, with some suggesting the offer is an 'opportunistic attempt at renationalisation' by the Italian government, potentially needing a higher premium to be successful. The Italian government, under Giorgia Meloni, has been focused on maintaining control over the nation's digital infrastructure.

Telecom Italia, which provides mobile and broadband services in Italy and Brazil, previously sold its fixed-line network infrastructure to KKR in 2024 for €22bn, a move that aided in reducing its debt. Despite improvements in financial performance, the company operates in a highly competitive market, with prior consolidation talks with Iliad ending last year.

Poste Italiane already holds a significant stake in Telecom Italia, owning 27.3 per cent. This holding was built through initial acquisitions from Cassa Depositi e Prestiti and subsequent stock purchases from Vivendi, which was previously Telecom Italia's largest shareholder. Poste Italiane has diversified its business in recent years, expanding into logistics, cloud services, and banking.